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Coordinating Minister of the Economy | CNN Indonesia

Sunday August 20, 2023 10:58 WIB

Jakarta, CNN Indonesia —

Coordinating Minister for Economic Affairs Airlangga Hartarto said a joint trade mission with Canada will be carried out soon, during which the implementation and development of multi-sector cooperation between Indonesia and Canada will be a priority for both countries.

This was conveyed by Airlangga after attending a meeting with Canadian Minister of International Trade Mary Ng in Jakarta on Saturday (19/8).

“The trade mission between the two countries to be carried out in the near future will actively contribute to the improvement of economic relations between the two countries,” Airlangga said.

Airlangga said Canada is an important trading partner for Indonesia. The value of trade between the two countries will reach $4.3 billion in 2022, an increase of 37.14 percent from the previous year.

Meanwhile, in terms of investment, Canada ranks 15th with an investment value of $964 million during the period 2018-2022. According to Airlangga, bilateral economic relations between Indonesia and Canada are strategic, as the two countries have complementary economic interests.

“Indonesia and Canada are producers and processors of various important products and their cooperation can increase economic value added in each country,” Airlangga said.

On the same occasion, Mary Ng conveyed Canada’s commitment to bilateral and regional economic development through the publication of the Canadian Indo-Pacific Strategy (IPS) in November 2022.

Under the IPS, Canada seeks to improve bilateral and regional trade relations, including through negotiations on the Canada-Indonesia Comprehensive Economic Agreement (ICA-CEPA) and the Indo Economic Framework. -Peace for Prosperity (IPEF), which are currently under negotiation. .

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

Currently, the two ministers have the same vision, namely to complete the ICA-CIPA negotiations in 2024. The realization of ICA-CEPA is expected to increase Indonesia’s GDP by up to 1.4 billion US dollars, exports Indonesians to Canada increasing by US$851 million in 2024. the medium term.

During the fifth round of ICA-CEPA, held in May-June 2023, a number of substantial advances were recorded in discussions on issues related to trade in goods, services and investments.

Furthermore, Mary Ng hopes that cooperation on halal products can come to fruition soon. According to Mary, she and Airlangga also have similar views on supporting each other in various partnership forums, such as IPEF, Organization for Economic Co-operation and Development (OECD), and Financial Action Task Force (FATF). ).

Mary Ng also said that Indonesia’s plans to become a member of the OECD are good and it is hoped that various technical issues can be resolved soon to facilitate Indonesia’s membership in the FATF with the support of the Canada.

“Cooperation on critical minerals is an important issue that is expected to be discussed soon under the IPEF program. Following the agreement on IPEF Pillar 2, all IPEF partner countries are currently focused on completing discussions on Pillars 3 and 4 as well as several pillar issues. 1,” Airlangga said.

(reality/reality)