UAE-Indonesia signed a Comprehensive Economic Partnership Agreement (CEPA)1, 2
In an attempt to boost relations between the two countries, UAE and Indonesia have signed a new economic pact, which is expected to design a new route for Indonesian businesses to increase exports to the UAE markets. This agreement is Indonesia's first with a Gulf country and the UAE's first with a Southeast Asian nation.
The pact was signed by Indonesia's Trade Minister Zulfikli Hasan and the Minister of the UAE Ministry of Economy Mr. Abdullah bin Touq Al-Marri.3 It was witnessed by Indonesian President Joko Widodo and UAE President Sheikh Mohamed bin Zayed Al-Nahyan.
The talks included ways to effectively upgrade the trading system between the two countries, including eliminating tariffs and boosting investment between the two countries. Although the full text of the pact was not published immediately, but it involves chapters on tourism, intellectual property rights, and mutual recognition of each country's halal certification.
This deal is expected to be a game changer for Indonesian businesses, as it is expected to carve a new route for them to enter the UAE, which is a hub for exports to other countries in the middle east.
Footnotes
1 https://www.arabnews.com/node/2115221/world
2 https://www.mofaic.gov.ae/en/missions/jakarta/media-hub/embassy-news/cepa
3 https://twitter.com/MohamedBinZayed/status/1542873742480637954
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