Indonesia and the United Arab Emirates have launched negotiations within the framework of the Indonesia-UAE Comprehensive Economic Partnership Agreement (IUAE-CEPA) to boost bilateral trade and investment between the two countries.
|Illustrative image (Photo: The Jakarta Post) |
Jakarta - Indonesia and the United Arab Emirates have launched negotiations within the framework of the Indonesia-UAE Comprehensive Economic Partnership Agreement (IUAE-CEPA) to boost bilateral trade and investment between the two countries.
Indonesian Minister of Trade Muhammad Lutfi said on September 2 that the cooperation is an important effort made by the two nations to increase trade that could benefit the economies of both countries and the welfare of the people.
According to the Minister of Trade, there are three main things that make CEPA important for Indonesia and the UAE. First, historically, CEPA is Indonesia's first negotiation with a country in the Gulf region, and this is the first negotiation for the UAE with trading partners in Asia.
Second, Indonesia and the UAE, as two main economic powers, need to strengthen cooperation so that they can complement each other, he added. Especially, in this challenging time of the pandemic, new breakthroughs are needed to encourage the economies of the two countries, he said.
Third, CEPA is expected to not only be a partnership or cooperation between the two governments but also between businessmen and the people of the two countries.
UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said the UAE's longstanding bilateral relationship with Indonesia is based on close cultural ties and a shared commitment to enable greater economic development and the prosperity of the people of the two countries.
The IUAE-CEPA will be the basis for a closer partnership for mutual progress by creating new opportunities, attracting greater investment and employment, and accelerating global economic recovery, Minister Al Zeyoudi said.