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Canada, Indonesia agree to boost economic cooperation

Fibre2Fashion - 14 April 2022

Canada, Indonesia agree to boost economic cooperation

Canada and Indonesia recently agreed to intensify economic cooperation, especially on trade, investment and energy transition. Indonesian foreign affairs minister Retno Marsudi and Canadian counterpart Melanie Joly signed the Indonesia-Canada Plan of Action for 2022-2025 during the latter’s visit to Indonesia to take ahead the cooperation initiatives.
To further strengthen bilateral trade, both countries already started the first round of negotiation of Comprehensive Economic Partnership Agreement (CEPA) last month. Bilateral trade increased by almost 30 per cent in 2021 and reached $3.12 billion.

“We agree to intensify the negotiations to be concluded within a clear time frame,” Marsudi was quoted as saying by a news agency.

On investment, however, the figure in 2021 slightly increased by almost 4 per cent.

Canada invested in several infrastructure projects, including the development of the Cikopo-Palimanan Toll Road and the infrastructure project for the Port of Gresik expected to be operational next year.

To continue this synergy, cooperation with the Indonesia Investment Authority (INA) in renewable energy and green infrastructure will be mostly welcomed, Marsudi remarked.

Both countries are committed to accelerating energy transition to progress towards achieving a net-zero emission future.

They agreed to promote cooperation on the transition to cleaner energy sources, including on hydrogen fuel cell technology and development of green hydrogen strategy, as well as potential partnership between Carbon Engineering Limited and PT Pertamina on carbon capture, utilization, and storage (CCUS).

 source: Fibre2Fashion