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Indonesia implemented three trade agreements in 2023: Minister

Antara | 5 January 2024

Indonesia implemented three trade agreements in 2023: Minister

Jakarta (ANTARA) - The Indonesian government started implementing three international trade agreements involving the United Arab Emirates (UAE), the Association of Southeast Asian Nations (ASEAN), and South Korea last year, Trade Minister Zulkifli Hasan stated.

Hasan noted that in 2023, the Ministry of Trade had executed the Indonesia-UAE Comprehensive Partnership Agreement (UAE-CEPA), Regional Comprehensive Economic Partnership (RCEP), and Indonesia-South Korea CEPA.

"In 2023, we opened market access in an effort to create new markets. The president has demanded that Indonesia not rely on markets in traditional countries," he remarked during the Trade Ministry Outlook 2024 event in Jakarta on Thursday (January 4).

The minister expressed belief that by eyeing trade agreements with countries beyond its traditional trading partners, Indonesia will be able to create new markets that, in turn, will boost the country’s exports.

He then pointed out that over the course of 2023, Indonesia had managed to finalize several trade agreements, including the First Protocol to Amend the ASEAN-Hong Kong Free Trade Agreement (AHKFTA) and Protocol Amending the Indonesia-Japan Economic Partnership Agreement (IJEPA).

Hasan remarked that the Indonesia-Malaysia Border Trade Agreement (BTA), International Coffee Agreement (ICA) 2022, and Second Protocol to Amend the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) were signed by Indonesia last year.

Under Indonesia’s chairmanship in 2023, the minister highlighted that the ASEAN had managed to finalize the association’s seven economic priorities.

Hasan then drew attention to trade missions carried out in several countries in 2023.

"Trade missions played a role in promoting (Indonesian products) to non-traditional export markets. For instance, our trade mission in Saudi Arabia in January 2023 resulted in cooperation contracts, with the total value of US$155.7 million," he remarked.

In May 2023, Indonesia launched a trade mission in Egypt and recorded potential transactions worth US$859 million, he stated.

Hasan also mentioned about the 38th Trade Expo Indonesia (TEI) held from October 18 to December 18, saying that the exhibition resulted in a total transaction value of US$30.5 billion.

"This figure exceeded the target set for the 38th TEI, which was only US$11 billion," he stated.

At the expo, India, Malaysia, and China recorded transactions worth US$7.58 billion, US$6.32 billion, and US$5.59 billion, respectively. Their transactions accounted for 63.9 percent of the total transactions made at the event.

Meanwhile, at the Jakarta Muslim Fashion Week that took place on October 19-21, Indonesia managed to record trade transactions with a value totaling Rp330 billion (US$21.2 million), Hasan stated.

The value was obtained from transactions made by domestic and foreign buyers, including those from the United States, South Korea, France, the UAE, Malaysia, Oman, Lebanon, Saudi Arabia, Somalia, Bangladesh, and South Africa.

 source: Antara