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Jakarta: Indonesia and Canada are committed to increasing their economic cooperation. One of them is the completion of negotiations on the Comprehensive Economic Agreement between Indonesia and Canada (ICA-CEPA).


The implementation of ICA-CEPA is expected to increase Indonesia’s GDP by up to USD 1.4 billion and Indonesia’s exports to Canada are expected to increase by USD 851 million in the medium term.


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


Economy Coordinator Airlangga Hartarto said the implementation and development of multi-sectoral cooperation between Indonesia and Canada is a priority for the two countries in establishing bilateral cooperation over the past few years. last years.


More importantly, for Indonesia, this economic cooperation is accelerated based on the rules and guidelines of President Joko Widodo.


“The trade mission between the two countries, which will be conducted in the near future, will actively contribute to the achievement of increased economic relations between the two countries,” Airlangga said in a press release, Sunday, August 20, 2023.


Canada is also an important trading partner for Indonesia, with the value of trade between the two countries reaching $4.3 billion in 2022, a 37.14% increase from the previous year.

Read also : Indonesia-Canada trade deal expected to be signed soon

Value of Canadian investments

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

Bilateral economic relations between Indonesia and Canada have so far been considered strategic as the two countries have complementary economic interests.

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

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

Minister Mary Ng also conveyed 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 wishes to increase trade relations bilaterally and in the region, among others, through the ICA-CEPA negotiations as well as in the Indo-Pacific Economic Framework for Prosperity (IPEF) which is currently in the process of negotiation.