JAKARTA, Sept 26 (NNN-ANTARA) – Indonesia and Canada officially signed the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA), in Ottawa on Wednesday local time, with the deal expected to take effect next year, according to a statement released by the Indonesian Presidential Secretariat, yesterday.
The agreement was signed by the trade ministers of both nations, witnessed by visiting Indonesian President, Prabowo Subianto, and Canadian Prime Minister, Mark Carney.– NNN-ANTARA
“I am very pleased to be here for the signing of the CEPA, and I believe this will be a historic moment. It will prove to be a significant milestone,” said Prabowo in the statement.
Under the ICA-CEPA framework, Canada will eliminate 90.5 percent of import tariffs on Indonesian products, while Indonesia will liberalize 85.8 percent of its tariff lines.
The Indonesian government projects that the agreement could raise national exports to Canada to 11.8 billion U.S. dollars by 2030, while contributing an additional 0.12 percent to gross domestic product and boosting investment by 0.38 percent.
Carney highlighted Indonesia’s importance as the world’s fourth most populous country, Canada’s largest export market in Southeast Asia, and its 18th largest globally.
“Canada and Indonesia are unlocking major new economic opportunities together. Our new trade agreement is a game-changer for our workers and businesses, opening new markets and driving more investment between our growing economies,” Carney said.
