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Indonesia, Canada open talks on comprehensive trade deal
The Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) will be Indonesia’s second comprehensive trade agreement with a country from the Americas after Indonesia ratified a CEPA with Chile in 2019.
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Trade Minister Muhammad Lutfi gestures during a press conference in Jakarta on Jan. 11. (Courtesy of the Trade Ministry/-)
I
ndonesia and Canada have opened negotiations over a Comprehensive Economic Partnership Agreement (ICA-CEPA) expected to spur bilateral trade and investment.
Indonesia’s Trade Minister, Muhammad Lutfi, and Canada’s Minister of Small Business, Export Promotion and International Trade, Mary Ng, officially launched the negotiations during a virtual ceremony on Monday.
“This is an extension of President Joko Widodo’s instruction to have Indonesia actively negotiate international trade deals to open new markets, especially new export markets, amid the pandemic,” said Lutfi.
The ICA-CEPA marks Indonesia’s second comprehensive trade agreement with a country from the Americas after Indonesia ratified a CEPA with Chile in 2019.
Read also: Indonesia looks to boosting exports to Latin American markets through IC-CEPA
Canada’s and Indonesia’s bilateral trade value is quite small, amounting to just over US$2 billion in 2020, compared with the neighboring United States, the figure for which amounted to over $27 billion in the same year, according to Statistics Indonesia (BPS) data.
Canada was Indonesia’s 15th biggest foreign investor last year, with investments standing at $175.3 million, according to Investment Coordinating Board (BKPM) data. In comparison, the US invested $749.7 million, making it the eight biggest investor.
