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December 3, 2024 | 03:33 pm
TEMPO.CO, Jakarta - Indonesian Trade Minister Budi Santoso revealed that the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) will take effect in 2026, while the agreement will be signed in mid-2025.
Previously, the Indonesia-Canada CEPA negotiation was substantively completed and announced by both heads of state during the APEC Summit on November 15 in Lima, Peru.
On Monday, December 2, Budi stated that Indonesia and Canada had agreed on several points in the agreement.
This joint ministerial statement between Indonesia and Canada also marks the conclusion of the ICA-CEPA negotiations. The signing was done together with Mary Ng, Canada's Minister of Export Promotion, International Trade, and Economic Development.
Both countries also inked two MoUs as part of the ICA-CEPA, focusing on cooperation in critical minerals as well as sanitation and vito sanitation.
"I invite businesses from both countries to seize the positive momentum and work together to produce tangible benefits for their people," he said.
Aside from the trade of goods, Budi explained that this agreement will also provide preferential treatment for Indonesian service providers, including in business services, telecommunications, construction, tourism, and transportation sectors.
He also mentioned that the agreement will facilitate investment access in manufacturing, agriculture, fisheries, forestry, mining, and excavation, as well as energy infrastructure sectors.
Furthermore, this agreement also includes other commitments such as intellectual property rights, good regulatory practices, electronic commerce, competition, small and medium enterprises (SMEs), women's economic empowerment, the environment, and employment.
Canadian Minister Mary Ng expressed that the completion of the CEPA agreement process signifies the right time for businesses and investors, both from Indonesia and Canada, to explore the markets in respective partner countries. On the other hand, it is also the right time for Indonesian entrepreneurs and investors to expand into the North American market.
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