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Jakarta Post

IE-CEPA ratification to be completed in 2020

  • Agnes Anya

    The Jakarta Post

Jakarta   /   Wed, July 17 2019   /  01:29 am

Indonesia and European Free Trade Association (EFTA) countries expect to finish ratification of the Indonesia-EFTA Comprehensive Economic Partnership Agreement (IE-CEPA) next year, an official has said.“Indonesia and EFTA countries are currently in the process of ratifying the IE-CEPA. We need to work hard to complete it in order to ensure that the agreement takes effect in 2020,” Deputy Foreign Minister AM Fachir said at the 2019 Indonesia-EFTA Business Forum in Jakarta on Monday.After seven years of negotiations, Indonesia and the four EFTA countries — Switzerland, Iceland, Norway and Liechtenstein — signed the IE-CEPA last December in hopes of further improving economic ties between Indonesia and EFTA members.Between 2014 and 2018, Indonesia’s exports to EFTA countries grew 267 percent, while the Indonesia-EFTA trade balance increased 73 percent, according to Fachir. In 2018...