EU & Indonesia mark milestone in comprehensive trade deal
This marked a crucial milestone, paving the way for its formal conclusion by Commissioner Maros Sefcovic and Coordinating Minister Airlangga Hartarto by September 2025. This milestone underscored the shared commitment of both parties to deepen bilateral economic ties and enhance trade cooperation, the Delegation of the European Union to Indonesia and Brunei Darussalam said in a press statement.
European Commission President Ursula von der Leyen and Indonesian President Prabowo Subianto have reached a political agreement on CEPA in Brussels, marking a major step towards its finalisation by September 2025. The pact aims to boost trade, support sustainable development, and enhance cooperation on critical raw materials. Both leaders also reaffirmed shared goals on clean energy and global peace.
'Europe and Indonesia are choosing a path of openness, partnership, and shared prosperity. The agreement will open new markets and create more opportunities for our businesses. It will also help strengthen the supply chains of critical raw materials, essential for Europe's clean tech and steel industry. I now look forward to its swift conclusion,' said Ursula von der Leyen, President of the European Commission.
'This is an important moment. After many years of hard work, we have agreed to move forward. For Indonesia, CEPA is not only about trade, it is about fairness, respect, and building a strong future together. The agreement must support our efforts to grow our industries, create jobs, and strengthen our sustainable development goals. We are ready to finalize it soon, in a way that benefits both our peoples,' said Prabowo Subianto, President of the Republic of Indonesia .
A comprehensive, forward-looking, and mutually beneficial EU-Indonesia agreement will promote trade and investment, foster inclusive and sustainable growth, and enhance the resilience of supply chains. CEPA will support cooperation on critical raw materials, which are vital to both partners' strategic interests and industrial competitiveness.
Ultimately, CEPA will serve not only as a robust platform for deepening our economic ties but also stand as a defining achievement in the long-standing EU-Indonesia bilateral relationship, anchored in a common commitment to open, rules-based cooperation.
Beyond trade, President von der Leyen and President Prabowo reaffirmed their shared vision for a broader bilateral partnership. To support people-to-people contacts between the EU and Indonesia, the commission has adopted a visa cascade decision for Indonesia, ensuring a much quicker and easier access to multiple-entry visas.
They stressed their commitment to further advancing a clean energy transition that leaves no one behind. Indonesia emphasised that its national approach is anchored in the vision of energy self-sufficiency and resilience, as outlined in the Asta Cita. In this context, the Just Energy Transition Partnership and the EU's Global Gateway are welcomed to support Indonesia's long-term goals and national priorities, added the statement.
Fibre2Fashion News Desk (SG)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
an hour ago
- NDTV
India Will Retaliate If Proposed Carbon Tax Harms Domestic Exports: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal on Saturday said India will "react and retaliate" if the UK imposes a carbon tax in the future that harms domestic exports. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM), starting in 2027. "As of now, no CBAM, we are a sovereign and a very powerful nation if anybody hurts our exports interest, we will react and hurt and retaliate or rebalance to make sure that our interest is not hurt," he told reporters when asked about the UK's proposed CBAM. "I can assure that no unilateral measure which hurts India can go away without a proportionate response from India," he added. Sources have said India flagged the issue during negotiations of the trade agreement. The comprehensive economic and trade agreement (CETA) was signed on July 24, with an aim to double bilateral trade by 2030. The issue is not in the pact, as Britain has not yet notified of the tax. Piyush Goyal added that the EU has also planned to impose CBAM, but it is going to hurt the European Union more.
Indian Express
2 hours ago
- Indian Express
EU chief von der Leyen heads to Scotland for trade talks with Trump
EU Commission President Ursula von der Leyen headed to Scotland on Saturday ahead of a meeting with US President Donald Trump on Sunday afternoon, commission spokespeople said, as EU officials said the two sides were nearing a trade agreement. Trump, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that he was looking forward to meeting with von der Leyen, calling her a 'highly respected' leader. He repeated his view that there was a 50-50 chance that the US and the 27-member European Union could reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. If it happened, he said it would be the biggest trade agreement reached yet by his administration, surpassing the $550 billion accord agreed with Japan earlier this week. The White House has released no details about the planned meeting or the terms of the emerging agreement. The European Commission on Thursday said a negotiated trade solution with the United States was within reach, even as EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of US goods in case the talks collapse. To get a deal, Trump said the EU would have to 'buy down' that tariff rate, although he gave no specifics. EU diplomats say a possible deal between Washington and Brussels would likely include a broad 15% tariff on EU goods imported into the US, mirroring the US-Japan deal, along with a 50% tariff on European steel and aluminum. The broad tariff rate would be half the 30% duties that Trump has threatened to slap on EU goods from August 1. It remains unclear if Washington will agree to exempt the EU from sectoral tariffs on automobiles, pharmaceuticals and other goods that have already been announced or are pending. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce in Brussels warned in March that any conflict jeopardized $9.5 trillion of business in the world's most important commercial relationship.
Time of India
3 hours ago
- Time of India
FTA momentum: Piyush Goyal confirms Oman deal ‘almost finalised'; talks with EU, US & others also moving fast
India's Free Trade Agreement (FTA) with Oman is at an advanced stage and nearly finalised, Union Commerce and Industry Minister confirmed on Saturday. He also noted that negotiations with the European Union, United States, Peru, and Chile are progressing rapidly and making 'fast progress'. Tired of too many ads? go ad free now 'We are in negotiations at an advanced stage with Oman. It is almost finalised,' said Goyal, as per news agency ANI. A t a press conference, Goyal highlighted India's recent track record in concluding major trade agreements with developed economies. These include FTAs with Mauritius, Australia, and the four-nation European Free Trade Association (EFTA) bloc — Switzerland, Norway, Liechtenstein, and Iceland. He also spoke about the recently signed India-UK Comprehensive Economic and Trade Agreement (CETA), calling it 'very comprehensive,' with 30 chapters. The agreement, signed during Prime Minister Narendra Modi's two-day visit to the UK, is aimed at enhancing trade flows and deepening economic cooperation. According to the UK government, India's average tariffs on UK goods will drop from 15% to 3% under the new FTA, potentially boosting bilateral trade to $120 billion by 2030. "The goods and services that India provides to the world have high quality and cost competitiveness," Goyal said. He added that these FTAs underscore India's rising importance on the global economic stage. Regarding the proposed trade pact with the US, Goyal said discussions are progressing fast, with the next round of talks expected in August. As per news agency PTI, the two countries aim to finalise the first tranche of their bilateral trade agreement by fall, targeting a trade volume of $500 billion — more than double the current figure of $191 billion. Tired of too many ads? go ad free now However, trade negotiations with the US involve complex issues, particularly around agricultural and dairy products, where India has so far resisted granting duty concessions. India is also pressing for reduced tariffs on steel, aluminium, automobiles, and a range of labour-intensive sectors like textiles, gems and jewellery, and chemicals. Goyal emphasised that the government's goal is to 'expand frontiers of India's international trade' and strengthen investor confidence. 'Each [FTA] is getting its requisite attention,' he added, pointing to parallel talks with countries like New Zealand and Chile.
