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Including the development of the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA). Both parties agreed to push for the completion of ICA-CEPA this year.

“At the fifth round of negotiations held last month, both sides agreed to be more pragmatic and creative in pursuing meaningful progress in the negotiations to become one of the deliverables when the two heads of state meet on the sidelines of the ASEAN summit in Indonesia in September 2023,” Jerry said in Jakarta, Tuesday (7/11).

According to him, Indonesia will try to live up to its commitment and Canada should be more flexible and understand that there are differences in some of Indonesia’s national arrangements for certain issues.

The Vice Minister of Commerce added that in order to maintain the positive momentum and achieve the goal of completing the negotiations, the two sides agreed to carry out intensive advocacy coordination for all working groups (work group) and will be shared online at the Intersessional Meeting of Chief Negotiators at the end of August 2023.

“The sixth round of negotiations is expected to be held in September 2023 in Canada. It is hoped that the conclusion of the ICA-CEPA can increase trade and investment between Indonesia and Canada,” explained the Deputy Minister of Commerce. .

Launched on June 21, 2021, the ICA-CEPA negotiations have been held for five rounds. The fifth round was held face-to-face in Ottawa, Canada, from May 29 to June 2, 2023, followed by negotiations on government procurement of goods and services, inclusive trade, environment and employment which took place online from June 6 to 12, 2023. It was agreed that the negotiations would be conducted within two years and should be completed by the end of 2023.

According to data from the Ministry of Commerce, the total trade between Indonesia and Canada in 2022 registered a value of $4.27 billion, with an upward trend of 10.7% over the past five years. years.

In January-May 2023, the total trade between Indonesia and Canada was recorded at USD 1.6 billion. At the same time, the trade balance between the two countries shows a deficit of 1.72 billion dollars.

Indonesia’s exports to Canada in 2022 are dominated by natural rubber, leather shoes, fabric shoes, garments (jacket) and paper. Meanwhile, Indonesia’s imports from Canada in 2022 will take the form of mineral fertilizers, wheat and meslin, chemical sawdust, soybeans and semi-chemical sawdust.