Indonesia aims to catch up with Vietnam's trade with EU
Indonesia's Trade Ministry is convinced that the country's foreign trade will surpass that of Vietnam after the completion of the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA).
Tanjung Priok Port in Jakarta, Indonesia. (Photo: Reuters)
Jakarta (VNA) – Indonesia's Trade Ministry is convinced that the country'sforeign trade will surpass that of Vietnam after the completion ofthe Indonesia-European Union Comprehensive Economic Partnership Agreement(IEU-CEPA).
Kasan Muhri, the ministry's trade policy agencychief, said on March 6 that once the agreement has been completed andimplemented, Indonesia’s market access to the European Union (EU) will obtain agreater benefit than what Vietnam gets.
He said Indonesia was left behind by Vietnam,which already has a trade agreement with the EU, giving it an advantage inexporting to the European market.
Indonesia's trade with the EU in 2022 reachedonly 46 billion USD, as compared to 94 billion USD in trade value Vietnam recorded in the sameyear after the CEPA came into force, he noted.
Kasan believed that Indonesia will complete itsIEU-CEPA this year, thereby enabling it to catch up with Vietnam's trade with Europe.
He underscored the importance of IEU-CEPA inopening more access for Indonesian exports since once Indonesia can export itscommodities to the EU, accessing other markets becomes easier.
He emphasised that Indonesia, whose economy isgreater than Vietnam, has considered and calculated that regarding its marketaccess to the EU, it will obtain greater benefit than what Vietnam has.
TheIEU-CEPA negotiation has entered its 17th round. In the current round, bothsides deliberated 12 aspects of bilateral trade, including goods andservices trade, investment, and cooperation in a sustainable food system,sustainable trade, and development.
Provisions on goods origins, energy and rawmaterials, trade technical obstacles, subsidies, intellectual property,institutional conditions, provisions on the institutional aspect, andanti-fraud clauses are also being discussed in the 17th round.
Among the 12 deliberated aspects, a consensus hasbeen reached on cooperation for a sustainable food system, overcoming tradeobstacles, and handling institutional conditions.
The negotiation will continue this year and isexpected to conclude by the end of 2024./.
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Tanjung Priok Port in Jakarta, Indonesia. (Photo: Reuters)
