Indonesia and the European Union have successfully concluded a Comprehensive Economic Partnership Agreement (CEPA) after a decade-long negotiation process. This agreement signifies a major milestone in providing broader market access for Indonesian products in Europe. Indonesian President Prabowo Subianto, together with European Commission President Ursula von der Leyen, announced the breakthrough during a joint press conference in Brussels.
President Prabowo expressed his satisfaction with the agreement, highlighting the significance of reaching a free trade agreement after years of negotiations. He emphasized the mutually beneficial nature of the cooperation, stating that both sides had successfully aligned their economic interests. President von der Leyen commended Prabowo’s leadership in bringing the negotiations to a close, describing CEPA as an ambitious and timely free trade agreement with vast economic potential.
The agreement is expected to boost market access for Indonesian products in various sectors such as agriculture, automotive, services, and critical raw materials. Additionally, it aims to strengthen supply chains for the energy and digital transitions, emphasizing socially and environmentally responsible sourcing. With a combined market of 730 million people between Indonesia and the EU, the implementation of CEPA is anticipated to significantly impact trade relations in both regions.
President Prabowo expressed hope for the implementation signing of the CEPA to take place in Brussels, symbolizing a long-term commitment between the two partners. The agreement is set to open new opportunities and create economic growth in key sectors while promoting responsible sourcing practices. The CEPA marks a pivotal moment in the economic partnership between Indonesia and the European Union, setting the stage for enhanced collaboration and market access for Indonesian products in Europe.
