EFTA-Indonesia Comprehensive Economic Partnership Agreement enters into force
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EFTA - 1 November 2021
EFTA-Indonesia Comprehensive Economic Partnership Agreement enters into force
A new free trade agreement (FTA) between EFTA and Indonesia entered into force on 1 November 2021 after the ratification of all Parties.
Negotiations on a Comprehensive Economic Partnership Agreement (CEPA) were signed in Jakarta, Indonesia on 16 December 2018. The first round was held in Jakarta in 2011, followed by 14 rounds and numerous expert meetings in the EFTA States and in Indonesia.
The CEPA covers all areas normally included in EFTA’s comprehensive free trade agreements, which are trade in goods and services, investment, intellectual property rights, competition, government procurement, trade and sustainable development as well as legal and horizontal provisions. The Agreement also contains a chapter on cooperation and capacity building.
The Agreement will provide access to operators from EFTA States for major export products such as fish and marine products, agricultural and food industry products like cheese, chocolates and coffee, industrial and technical products, machinery and watches, chemicals and pharmaceuticals. The CEPA will also stimulate trade in services, e.g. for energy related services, telecommunication services, the financial industry or through access for maintenance personnel. It further provides an enhanced framework for trans-border investment.
The chapter on trade and sustainable development addresses Parties’ obligations in environmental protection, fundamental rights of workers, sustainable forest resources management, as well as sustainable management of the vegetable oils sector.
The chapter on cooperation and capacity building aims at facilitating the implementation of the overall objectives of the agreement and in particular to enhance the mutual trade and investment opportunities arising from the agreement. It also seeks to strengthen cooperation towards achieving sustainable economic and social development.
Merchandise trade between the EFTA States and Indonesia amounted to more than EUR 1.1 billion in 2020. The EFTA States exported goods worth EUR 628 million, with some of the leading products being electrical machinery (15.6%), mechanical appliances (12%), organic chemicals (9%) and pharmaceutical products (8.8%). EFTA imported goods worth EUR 518 million in the same year, with footwear as the most significant import (22.5%), followed by woven and clothing accessories (13%) and electrical machinery (9.7%).
See more information on trade statistics between EFTA and Indonesia here.
