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Bisnis.com, JAKARTA – Coordinating Minister of Economy Airlangga Hartarto together with the Canadian Minister for International Trade, Mary Ng, has agreed to complete commercial agreement Indonesia-Canada Comprehensive Economic Agreement (ICA-CEPA) in 2024.

The two ministers share the same vision in concluding the ACI-CEPA, bearing in mind that bilateral economic relations between Indonesia and Canada have so far been considered strategic as having complementary economic interests.

Both Indonesia and Canada are producers and processors of various important commodities and cooperation between the two can increase the economic added value in each country.

“The trade mission between the two countries, which will be carried out in the near future, will actively contribute to achieving an increase in economic relations between the two countries,” he said in a written statement, quoted on Sunday (20 /8/ 2023).

Completion of ICA-CEPA is expected to raise Indonesia’s Gross Domestic Product (GDP) to US$1.4 billion and Indonesia’s exports to Canada are expected to increase by US$851 million in the medium term .

Additionally, in May-June 2023, Indonesia and Canada completed the fifth round of ICA-CEPA negotiations. At the meeting held in the United States (US), there were a number of substantial advances in the discussion of issues of trade in goods, services and investment.

During the fifth round of ICA-CEPA negotiations, Canada expressed its interest in cooperating with Indonesia in the area of ​​critical minerals. Airlangga also pointed out that this cooperation is an important issue.

“Critical mining cooperation is an important issue that should be immediately discussed within the Indo-Pacific economic framework. [IPEF]. Following the IPEF Pillar 2 agreement, all IPEF partner countries are currently focused on completing discussions on Pillars 3 and 4 as well as several Pillar 1 issues,” Airlangga concluded. .

As a trading partner, Canada is an important country for Indonesia, with the value of trade between the two countries reaching US$4.3 billion in 2022, an increase of 37.14% year-on-year. former.

From an investment perspective, Canada ranks 15th with an investment value of US$964 million during the period 2018-2022.

Minister Mary Ng underscored Canada’s commitment to bilateral and regional economic development with the release of Canada’s Indo-Pacific Strategy (IPS) in November 2022.

In IPS, Canada seeks to increase trade relations bilaterally and in the region, including through negotiations on the Indonesia-Canada Comprehensive Economic Agreement (ICA-CEPA) as well as the Indo-Pacific Economic Framework for Prosperity (IPEF). ) which are currently in progress. the negotiation process.

“Various visits by trade delegations from Canada and Indonesia are expected to further strengthen the trade and investment relationship between the two countries,” said Mary Ng.

In addition, Canada also hopes for open trade and competitive markets under the free trade agreement or free trade Agreement (ALE).

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