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December 2, 2024 | 03:12 pm
TEMPO.CO, Jakarta - Indonesia and Canada on Monday, December 2, 2024, signed a Comprehensive Economic Partnership Agreement (CEPA) that aims to strengthen economic ties between the two G20 members, three years after negotiations began.
The agreement will take effect in 2026 and was signed in Jakarta by trade ministers of both countries.
Indonesia's trade minister, Budi Santoso, said Indonesia appreciated Canada's support for its plan to prioritize its critical minerals sector, which was vital for its sustainable growth.
"Together, we advance sustainable critical mineral management, supporting Indonesia's net zero target by 2060, and fostering Canadian investment while driving green growth in both nations," he told a joint press conference.
Indonesia has rich deposits of tin, copper, and bauxite, among others, and is the world's largest source of nickel ore.
It is seeking to extract more value from the mineral by attracting investment into its processing and in the manufacturing of electric vehicle batteries.
The United States said in July it had approached Indonesia about joining a multinational mineral security partnership aimed at speeding up the development of sustainable critical mineral supply chains. Indonesia also made an agreement with Britain in September to collaborate on critical minerals.
Two-way trade between Indonesia and Canada was $3.4 billion last year, according to Indonesia's trade ministry. Canada has estimated bilateral trade at $5.1 billion in 2023.
Canada's main exports to Indonesia were agriculture products and fertilizers, while Indonesia mainly exported machinery and electrical machinery as well as garments and footwear.
Canadian Prime Minister Justin Trudeau and Indonesian President Prabowo Subianto met during the Asia-Pacific Economic Cooperation (APEC) leaders' summit in Peru last month.
Prabowo at the time said he was looking for more cooperation in the fisheries, manufacturing, and renewable energy sectors.
REUTERS | Dewi Kurniawati
Editor’s Choice: 200 Canada's Trade Delegates to visit Indonesia in December
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