Jakarta: Indonesia and the United Arab Emirates (UAE) gathered together to discuss the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA) in early September 2021.
The launch of the IUAE-CEPA negotiations will be carried out by the Minister of Trade (Mendag) Muhammad Lutfi with the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi on September 2, 2021.
The launch of the IUAE-CEPA Negotiations will be marked by the launch of the Joint Ministerial Statement for the IUAE-CEPA Negotiations. This is at the same time starting the first Indonesia-UAE negotiations which will be held on 2-4 September 2021.
"We welcome the plan to launch the IUAE-CEPA negotiations in September. The launch of these negotiations is expected to strengthen cooperative relations, in the trade and investment sectors, as well as encourage economic recovery due to the covid-19 pandemic," said Lutfi in a press release, Monday, August 30, 2021.
Lutfi is optimistic that this cooperation will stimulate the export market in the country, as UAE has a role as strategic trading partner for Indonesia. Ahead of Expo 2020 Dubai, the government wants to take advantage of the moment to boost exports of local products to the UAE.
"In addition, this step will open up opportunities for greater penetration of Indonesian products, not only in the Middle East but also Africa and Europe," he hoped.
According to him, the launch of the IUAE-CEPA agreement is also an effort to maintain the momentum of good relations between the two heads of state. "The IUAE-CEPA is expected to support the economic growth of the two countries through increasing market access for trade in goods, services, and investment. In addition, it also increases economic cooperation, including creating jobs for the people of the two countries," he explained.
Meanwhile, the Director General of International Trade Negotiations at the Ministry of Trade, Djatmiko Bris Witjaksono, said that the UAE as a member of the Gulf Cooperation Council (GCC) is one of the non-traditional export markets that serves as an international trade hub for the Middle East, Africa and Europe markets.
"So, this increased cooperation will provide great benefits for both countries," said Djatmiko.
The total trade between Indonesia and the UAE in the January-June 2021 period reached USD 1.86 billion. In that period, Indonesia's exports to the UAE were recorded at USD 0.85 billion. Indonesia's main export commodities to the UAE include palm oil, jewelry, iron tubes and pipes, cars and motor vehicles, and synthetic woven fabrics.
Meanwhile, Indonesia's imports from the UAE were recorded at USD1 billion. Indonesia's main import commodities from the UAE include iron or steel semi-finished products, acyclis hazards, unwrought aluminum, colloidal precious metals, and propylene polymers.
The total trade between Indonesia and the UAE in 2020 was recorded at USD 2.93 billion. Indonesia's total exports to the UAE in 2020 amounted to USD 1.24 billion. Meanwhile, Indonesia's imports from the UAE were recorded at USD 1.68 billion.
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