Jakarta [Indonesia], June 8: Negotiations for the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA), ongoing for nine years, have entered their final stage.
Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, announced the development on Saturday following his meeting with European Union Commissioner for Trade and Economic Security, Maroš Šefčovič, in Brussels.
"The IEU-CEPA agreement has reached its final stage after nine years of negotiations. This marks an important milestone amid unpredictable and uncertain global economic conditions. It highlights the significance of cooperation in addressing global challenges," Hartarto said in a written statement, published by Indonesian news agency (ANTARA).
Economic ties between Indonesia and the European Union (EU) continue to grow, with bilateral trade reaching US$30.1 billion in 2024.
Hartarto noted that the EU is Indonesia's fifth-largest trading partner, while Indonesia ranks as the 33rd trading partner for the EU. He emphasised Indonesia's growing trade surplus with the EU, which increased from US$2.5 billion in 2023 to US$4.5 billion in 2024.
He also expressed appreciation for all parties involved in advancing this key agreement on trade and sustainable development. In addition, both sides have agreed on another critical area: the sustainability framework.
Indonesia is urging the EU to grant preferential treatment to its fishery products, in line with concessions given to other partner countries.
"Indonesia is a maritime nation with vast waters. We prioritize increasing the presence of Indonesian fishery products in the European market," Hartarto explained. He also welcomed Commissioner Šefčovič's remarks on offering special treatment under the EU's policy on reducing deforestation and forest degradation for partner countries with a free trade or comprehensive economic agreement with the bloc.
"Indonesia and the European Union are committed to resolving the remaining issues and are prepared to announce the substantive completion of negotiations by the end of June 2025," Hartarto stated.
Source: Emirates News Agency
