After nine years of negotiations, the EU will sign a commercial agreement with the fourth most populated country in the world
EU Commissioner for Trade, Maroš Šefčovič. AA / Abaca / Abaca Press / Profimedia
The European Union (EU) and Indonesia have completed a commercial agreement to be signed next week on the island of Bali, a high-ranking minister in this country in Southeast Asia said on Wednesday, according to Reuters.
The signing ceremony will take place on September 23, the Indonesian Minister of Economy, Airlangga Hartarto, told Reuters. “We plan to sign in Bali,” Airlangga said.
The Financial Times wrote on Tuesday that Maros Sefcovic, the European Trade Commissioner, will go to Indonesia for signing. The EU Commercial Office has not responded to the requests for statements.
The import rates imposed by US President Donald Trump on both parties accelerated negotiations.
EU and Indonesia negotiate for nine -year -old commercial agreement
Indonesia will benefit from zero rates for 80% of its exported products to the EU and eliminate non-tariff barriers, and will increase the market access for agricultural and manufactured products of the Community block, Indonesian officials said.
Jakarta also expressed her hope that the EU could accelerate the ratification process after signing, which will take place after nine years of negotiations, so that the agreement can enter into force until the end of 2026 or 2027.
In July, the President of the European Commission, Ursula von Der Leyen, said that a political agreement was reached to advance the EU-Indonesia free exchange agreement, known as the comprehensive economic partnership (CEPA).
Bilateral trade rose to $ 30.1 billion last year, Indonesia registering a commercial surplus of $ 4.5 billion, according to Indonesian data. The EU is the fifth trade partner of Indonesia.
The main Indonesia exports to the EU include palm oil, footwear and textile products.
