Jakarta (VNA) - Indonesia and Canada have signed the Comprehensive Economic Partnership Agreement (CEPA), marking a milestone in strengthening economic relations between the two G20 countries.
The CEPA was inked on December 2 after three years of negotiations, and is expected to take effect in 2026.
Indonesian Trade Minister Budi Santoso stressed the importance of the partnership in advancing the country’s economic and sustainable development goals.
He said Indonesia appreciates Canada's support for its plan to prioritise its critical minerals sector, which is vital for its sustainable growth.
The agreement is expected to bring substantial benefits to Indonesia by liberalising 90.5% of tariffs on goods entering Canada, with a trade value of 1.4 billion USD.
Bilateral trade between Indonesia and Canada reached 3.4 billion USD last year, with Canadian estimates for 2023 placing it at 5.1 billion USD. Canada’s exports to Indonesia include agricultural products and fertilisers, while Indonesia exports machinery, electrical equipment, garments, and footwear to Canada./.
