JABAR EKSPRES – United Arab Emirates (UAE) Minister of State, Ahmed bin Ali Al Sayegh said, economic relations with Indonesia are growing, supported by the two countries’ comprehensive economic partnership agreement (CEPA).
The IUAE-CEPA has been signed by both parties and is targeted to be implemented in August 2023.
“Our economic relations with Indonesia are growing and this is the result of the closeness of the two countries,” said Al Sayegh, in Jakarta, Wednesday (6/7).
Through the implementation of the IUAE-CEPA, he said, the two countries hope to achieve high targets in trade and investment values.
“We expect growth in the coming years,” Al Sayegh said.
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From the Indonesian side, the process of ratifying the IUAE-CEPA has reached the final stage and will soon be ratified through a Presidential Regulation (Perpres).
Indonesian Trade Minister Zulkifli Hasan predicts that the agreement will increase Indonesia’s exports to the UAE by an average of 7.7 percent per year, and the predicted export value in 2030 will reach US$42.3 billion (Rp628.2 trillion).
Sectors that can be encouraged in the cooperation include CPO and its derivatives, processed food, textiles, paper, steel, and manufactured products.
The UAE is Indonesia’s 19th export destination and 18th import origin.
In 2022, the total trade between the two countries was recorded at US$5.06 billion (Rp75.1 trillion) with Indonesian exports to the UAE amounting to US$2.30 billion (Rp34.2 trillion) and Indonesian imports from the UAE amounting to US$2.76 billion (Rp41 trillion).
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