BANDUNG - Indonesia and Canada have concluded the First Round of Negotiations for the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) on Saturday (19/3) in Bandung, West Java. This new chapter of trade cooperation between the two countries, which will be carried out on a hybrid basis on March 14-19, 2022, aims to encourage exports of Indonesian products to the North American market.
"The ICA-CEPA negotiations are a tangible manifestation of the commitment of the two countries with the hope that the establishment of trade cooperation can provide various benefits, increase trade and investment opportunities for business actors from Indonesia and Canada as a whole," said Director General of International Trade Negotiations Djatmiko Bris Witjaksono.
Overall, the ICA-CEPA negotiations included discussions which were divided into 17 Working Groups and 3 Expert Level Discussions. The working groups are trade in goods, trade in services, digital trade, legal provisions and institutional issues, trade security, provisions on origin of goods, customs procedures and trade facilitation, sanitation and phytosanitary, technical regulations and conformity assessment procedures (STRACAP), good regulatory practices , investment, intellectual property, economic and technical cooperation, government procurement, transparency, competition, and dispute resolution. As for the Expert Level Discussion, discussions were held on inclusive trade, labor and the environment. In this first round of negotiations, negotiators from the two countries focused on exchanging views on national policies and understanding each country's position on negotiating issues in general.
The total trade between Indonesia and Canada in 2021 was recorded at USD 3.1 billion. During that period, Indonesia's exports to Canada were recorded at USD 1.1 billion while Indonesia's imports from Canada amounted to USD 2 billion. Indonesia's mainstay export commodities to Canada in 2021 are natural rubber, jerseys, motor vehicle accessories, tires, and footwear made of textile materials. Meanwhile, Indonesia's main imports from Canada in 2021 are wheat, fertilizers, pulp, soybeans and iron ore. (LM)