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Indonesia, Japan to implement amended economic partnership agreement

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Vietnam+ | 19 December 2023

Indonesia, Japan to implement amended economic partnership agreement

Jakarta (VNA) – Indonesian Minister for Foreign Affairs Retno Marsudi has said that the Southeast Asian country plans to implement the amended Indonesia-Japan Economic Partnership Agreement (IJEPA) in the first quarter of 2024.

Marsudi said the bilateral meeting on December 17 in Tokyo between Indonesian President Joko Widodo and Japanese Prime Minister Fumio Kishida has substantially concluded negotiations on the IJEPA.

In recent years, Indonesia has sought several changes to the IJEPA, aiming to facilitate the access of its processed seafood, including canned tuna, to the Japanese market.

According to the minister, the legal review of the amended IJEPA is underway.

The changes to the IJEPA will eliminate the tariffs for Indonesian processed seafood. It will also provide greater market access for the banking sector, she said.

Other benefits of the improved IJEPA include a partnership with the New Manufacturing Industrial Development Center or MIDEC which will help make Indonesia a regional production base, Marsudi added.

Indonesia’s data showed that Indonesia-Japan trade skyrocketed from 32.5 billion USD in 2021 to 42 billion USD the following year. In 2022, Indonesia saw a 7.7 billion USD surplus in its trade with Japan.

 source: Vietnam+