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Indonesia and Canada forge stronger economic bonds with new CEPA
Posted on December 3, 2024 |
Indonesia and Canada signed a Comprehensive Economic Partnership Agreement (CEPA) on Monday to boost economic relations after three years of talks.
Trade ministers from both countries signed the agreement in Jakarta, and it will come into effect in 2026.
Indonesia praised Canada's support for developing its critical minerals sector to promote sustainable growth.
The CEPA will reduce 90.5% of tariffs on Indonesian goods entering Canada, worth $1.4 billion.
Last year, trade between Indonesia and Canada reached $3.4 billion, with Canada exporting agricultural products and fertilizers, while Indonesia exported machinery, electrical equipment, garments, and footwear.