Emirati ministers and officials have expressed hope that the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Indonesia will help the two nations usher in a new era of strategic cooperation.
The CEPA with Indonesia is the third of its kind to be signed by the UAE since the year started, following the agreements signed with India and Israel in February and May, respectively.
The agreement aims to enhance the bilateral trade between the two countries and raise its total value from around US$3 billion in 2021 to US$10 billion annually within five years, by reducing or removing tariffs on a wide range of goods and services, which will create new opportunities for exporters and companies in both countries.
Abdullah bin Touq Al Marri, Minister of Economy, said the agreement will enhance access to markets, drive FDI inflows and generate new opportunities across several vital sectors, including energy, advanced technology, healthcare, environmental conservation and e-commerce, adding that it will incubate the new generation of companies in the two countries.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted the role the UAE-Indonesia CEPA will play in helping achieve the UAE’s goal to increase the size of its economy to AED 3 trillion by 2030, adding that it will also enable SMEs to expand globally, providing them access to new clients, networks and cooperation opportunities.
Zulkifli Hasan, Minister of Trade of Indonesia, said the UAE-Indonesia trade relations are growing stronger, especially with the signing of the CEPA. He highlighted the fact that the agreement is the first of its kind signed by Indonesia with one of the region’s countries, expressing his optimism that it will further their enhance cooperation