8 hours ago
Indonesia and EU are close to finalising major trade pact
JAKARTA (Bernama): Indonesia and the European Union are moving closer to finalising a major trade deal, with substantive negotiations on the Indonesia-EU Comprehensive Economic Partnership Agreement (IEU-CEPA) nearing completion, Coordinating Minister for Economic Affairs Airlangga Hartarto said.
He said the agreement has entered its final phase after nearly a decade of negotiations, with both sides aiming to conclude discussions by the end of June.
"This is an important milestone in today's unpredictable global economy and highlights the need for strong international cooperation,' he stated in a statement.
Airlangga met with EU Trade and Economic Security Commissioner Maroš Šefčovič in Brussels on Friday.
The two sides agreed to resolve remaining issues and finalise a deal encompassing trade, sustainable growth, and environmental standards, with a key breakthrough on the long-contentious sustainability framework.
Airlangga also urged the EU to grant preferential access for Indonesian fishery products and welcomed signals of flexibility on deforestation rules for countries with existing trade agreements.
Bilateral trade between Indonesia and the EU reached US$30.1 billion in 2024, with Jakarta posting a surplus of US$4.5 billion an increase from US$2.5 billion the previous year.
Talks on the IEU-CEPA began in 2016 but have faced delays over regulatory and environmental concerns, with a final deal set to strengthen economic ties between South-East Asia's largest economy and the 27-member bloc. - Bernama
