Indonesia and the European Union finalised negotiations on a trade agreement Tuesday after nearly a decade of negotiations, a senior minister said.
The Indonesia-European Union Comprehensive Economic Partnership Agreement (CEPA) is the third deal Brussels has signed with Southeast Asian countries, after Singapore and Vietnam.
The pact was signed by EU Trade Commissioner Maros Sefcovic and Indonesian Minister of Economic Affairs Airlangga Hartarto in Bali and will open investments in strategic sectors such as electric vehicles, electronics, and pharmaceuticals.
“By finalising this agreement, the EU and Indonesia are sending a powerful message to the world that we stand united in our commitment to open rules-based and mutually beneficial international trade,” Sefcovic said after the signing.
“In all, EU exporters will save some 600 million euros ($708 million) a year in duties paid on their goods entering the Indonesian market, and European products will be more affordable and available to Indonesian consumers.” EU President Ursula von der Leyen said in a statement.
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