The European Union and Indonesia have signed a landmark free trade agreement, concluding more than nine years of negotiations.
The Comprehensive Economic Partnership Agreement (CEPA) and an Investment Protection Agreement were signed in Bali by EU Trade Commissioner Maros Sefcovic and Indonesia’s Economic Affairs Minister Airlangga Hartarto.
Key elements include:
• Removal of most tariffs on EU exports such as car parts, agriculture and pharmaceuticals.
• Expanded investment opportunities in sectors including electric vehicles.
• About 80% of Indonesian exports to the EU, including palm oil, footwear, textiles and fisheries, to become tariff-free.
European Commission President Ursula von der Leyen said the deal would create jobs, drive growth, and secure access to raw materials vital for Europe’s clean technology.
The EU is Indonesia’s fifth-largest trading partner, with €30.1 billion in trade recorded last year. The pact now awaits ratification and is expected to take effect by 2027.
Source: DW News
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