JAKARTA, Dec. 2 (Xinhua) -- Indonesia and Canada signed the Indonesia-Canada Comprehensive Economic Partnership Agreement (CEPA) at the opening of Canada's Trade Mission to Indonesia on Monday in Jakarta.
The signing was conducted by Indonesia's Minister of Trade Budi Santoso, and Canada's Minister of Export Promotion, International Trade, and Economic Development Mary Ng.
"After more than 2.5 years, Indonesia has successfully secured a comprehensive trade agreement with Canada that will expand market access for Indonesian products in North America," said Budi.
In addition to goods trade, the CEPA also provides special treatment for Indonesian service providers in sectors such as business, telecommunications, construction, tourism, and transport, while easing investment access across various sectors.
The agreement also includes commitments on intellectual property, e-commerce, business competition, small- and medium-sized enterprises, women's empowerment, environment and labor.
Ng stated that the signing of this agreement marks the right time for businesses and investors from both countries to expand their markets in both Southeast Asia and North America.
According to Indonesia's Ministry of Trade, the total value of trade between Indonesia and Canada increased by 11.24 percent during 2019-2023, reaching 3.4 billion U.S. dollars in 2023, while trade from January to September 2024 amounted to 2.6 billion dollars, a 4.07 percent increase compared to the previous year.
In 2023, Indonesia's leading exports to Canada included telephones, natural rubber, textiles, paper, processed food, bird's nest, palm oil, and luggage, while imports from Canada included wheat, fertilizers, soybeans, and pulp.
The Canada Trade Mission to Indonesia, involving more than 180 Canadian companies, also serves as a platform to strengthen economic ties between the two countries in sectors such as agriculture, clean technology, and infrastructure. ■