The UAE signed its third Comprehensive Economic Partnership Agreement (CEPA) with the Republic of Indonesia on 1 July. Following partnership agreements with India and Israel, CEPA with Indonesia is designed to increase annual bilateral trade to $10 billion within five years, state news agency WAM reported.
The agreement removes trade barriers on a wide range of goods and services, creating new opportunities for UAE exporters.
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan signed the UAE-Indonesia CEPA with his Indonesian counterpart President Joko Widodo in Abu Dhabi on Friday.
Sheikh Mohamed said, “Indonesia is one of our closest strategic allies. Our nations have worked together in the spirit of cooperation and unity for decades to promote social and economic development and unlock opportunities for our people.”
He added, “It is worth noting that Indonesia was the first nation with whom we began CEPA negotiations, and we very much welcome the new, more prosperous chapter in our partnership that promises to deliver.”
The UAE and Indonesia launched CEPA negotiations in September 2021 under a shared vision to expand economic opportunities, drive the post-Covid recovery and mark a new phase of strategic cooperation.
“Not only is it my hope that this agreement creates a new platform for cooperation, investment and knowledge transfer, but it also offers us new tools to navigate future challenges and opportunities together. Like all our new trade deals, this is part of a dynamic plan to build a network of trade alliances with some of the world’s fastest-growing economies. This will set us on the path to prosperity outlined in our Projects of the 50 initiative that aims to make the UAE a truly global business hub,” he stated.
President Widodo stressed that the agreement reflects an ambitious leap in cooperation between the two countries. He also expressed his happiness with this crucial economic agreement, which is expected to help double the value of bilateral trade in the coming years.