Jakarta: Indonesia and Canada signed the Indonesia-Canada Comprehensive Economic Partnership Agreement (CEPA) at the opening of Canada’s Trade Mission to Indonesia on Monday in Jakarta. The signing was conducted by Indonesia’s Minister of Trade Budi Santoso, and Canada’s Minister of Export Promotion, International Trade, and Economic Development Mary Ng.
According to Namibia Press Agency, the agreement marks over 2.5 years of negotiations, leading to a comprehensive trade accord designed to expand market access for Indonesian products in North America. Beyond goods trade, the CEPA provides special provisions for Indonesian service providers in business, telecommunications, construction, tourism, and transport sectors, while easing investment access across various industries.
The agreement also includes commitments on intellectual property, e-commerce, business competition, small- and medium-sized enterprises, women’s empowerment, environment, and labor. Mary Ng highlighted that the signing comes at a strate
gic time for businesses and investors from both countries to explore market expansion opportunities in Southeast Asia and North America.
The Indonesia’s Ministry of Trade reports that total trade between Indonesia and Canada increased by 11.24 percent from 2019 to 2023, reaching 3.4 billion U.S. dollars in 2023. Trade from January to September 2024 amounted to 2.6 billion dollars, a 4.07 percent increase compared to the previous year. In 2023, Indonesia’s key exports to Canada included telephones, natural rubber, textiles, paper, processed food, bird’s nest, palm oil, and luggage, while imports from Canada consisted of wheat, fertilizers, soybeans, and pulp.
The Canada Trade Mission to Indonesia, which includes participation from more than 180 Canadian companies, aims to reinforce economic ties between the two nations in sectors such as agriculture, clean technology, and infrastructure.