Indonesia, UAE start talks on comprehensive trade deal
Indonesia and the United Arab Emirates have launched negotiations within the framework of the Indonesia-UAE Comprehensive Economic Partnership Agreement (IUAE-CEPA) to boost bilateral trade and investment between the two countries.
Jakarta (VNA) - Indonesia and the United Arab Emirates have launched negotiations within the framework of the Indonesia-UAE ComprehensiveEconomic Partnership Agreement (IUAE-CEPA) to boost bilateral trade andinvestment between the two countries.
Indonesian Minister of Trade Muhammad Lutfi said on September 2 that the cooperation isan important effort made by the two nations to increase trade that could benefitthe economies of both countries and the welfare of the people.
According to the Minister of Trade, there are three main things thatmake CEPA important for Indonesia and the UAE. First, historically, CEPA isIndonesia's first negotiation with a country in the Gulf region, and this isthe first negotiation for the UAE with trading partners in Asia.
Second, Indonesia and the UAE, as two main economic powers, need tostrengthen cooperation so that they can complement each other, he added.Especially, in this challenging time of the pandemic, new breakthroughs areneeded to encourage the economies of the two countries, he said.
Third, CEPA is expected to not only be a partnership or cooperationbetween the two governments but also between businessmen and the people ofthe two countries.
UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi said the UAE's longstanding bilateral relationshipwith Indonesia is based on close cultural ties and a shared commitment toenable greater economic development and the prosperity of the people of the twocountries.
The IUAE-CEPA will be the basis for a closerpartnership for mutual progress by creating new opportunities, attractinggreater investment and employment, and accelerating global economic recovery, Minister Al Zeyoudi said./.
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The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
Illustrative image (Photo: The Jakarta Post) 
