The UAE and Indonesia have signed a Comprehensive Economic Partnership Agreement (CEPA) to boost trade between the two nations.
The CEPA with Indonesia, the third of its kind to be signed by the UAE since the year began, following the agreements with India and Israel in February and May, respectively, has received support from Emirati ministers and officials.
The agreement aims to enhance the bilateral trade between the two countries and raise its total value from around $3 billion in 2021 to $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.
Mr. Abdullah bin Touq Al Marri, Minister of Economy (MoE), said that 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 eCommerce, 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 $817 billion by 2030, adding that it will also enable SMEs to expand globally, providing them access to new clients, networks and cooperation opportunities.
Ms. Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, stressed that the UAE’s approach is based on establishing close ties with all countries. Ms. Al Hashemy also noted that under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE is continuing to enhance its international stature as a model to be emulated for global cooperation.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology (MoIAT), stated that the UAE-Indonesia CEPA aligns with the UAE leadership’s vision to establish bridges of communication and cooperation, which aims to drive development and enhance opportunities for economic and social growth.
“The agreement will have a direct impact on creating more opportunities between the business communities in both countries, which will further boost growth, stability and prosperity, and create promising prospects for the two countries, as well as region and the world,” Dr. Al Jaber added.
Ms. Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, Mr. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, Mr. Ahmed Ali Al Sayegh, Minister of State, Mr. Khaled Mohammed Balama, Governor of the Central Bank of the UAE and Mr. Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and Member of the Abu Dhabi Executive Council also received the CEPA with great importance.