“The implementation will definitely be simultaneous. We are aiming for the signing to take place in January,” Budi Santoso said during the 2025 National Leadership Meeting of the Indonesian Chamber of Commerce and Industry (Kadin) in Jakarta on Monday.
Santoso added that the IEU-CEPA is currently in the process of legal drafting and being translated into multiple languages.
“If we can sign in January, we will then move forward with ratification by the House of Representatives. Hopefully, this will be completed by the middle of next year,” he added.
The minister also highlighted the importance of preparing Indonesian businesses to access the European market under the new agreement.
Previously, the Coordinating Ministry for Economic Affairs stated that the IEU-CEPA would serve as a key instrument to achieve an eight percent economic growth target by 2029.
Ferry Irawan, Deputy for Coordination of State-Owned Enterprise Management and Development at the ministry, said the agreement would open broader market access for Indonesian products in the European Union, while also providing several benefits such as tariff reductions for most Indonesian exports to Europe.
The agreement is also expected to contribute to the increase of national economic value and facilitate visa processes through fast-track policies.
Under the agreement, several Indonesian export commodities will enjoy zero tariffs, including agricultural and plantation products such as palm oil, coffee, cocoa, and rubber; fisheries products including fish, lobster, and shrimp; forestry commodities like timber, processed wood, and wood panels; as well as textiles and electronics.
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Translator: Aji Cakti, Kuntum Khaira Riswan
Editor: Azis Kurmala
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