Canada opens public consultation on CEPA with Indonesia

Bisnis.comJAKARTA — The Canadian government has launched a public consultation on a possible free trade agreement with Indonesia.

Canadian Minister of Small Business, Export Promotion and International Trade, Mary Ng, quoted in www.rcinet.caTuesday (12/1/2021), said the proposed trade deal, dubbed the Comprehensive Economic Partnership Agreement (comprehensive economic partnership agreement/CEPA), is expected to increase Canada’s trade by almost C$4 billion with Southeast Asia’s fastest growing economy and the world’s fourth most populous country.

“Canada is committed to diversifying trade in the Asia-Pacific region to create new trade and investment opportunities for all Canadians,” Ng said in a statement Monday.

He added, “Deepening commercial ties with Indonesia will benefit Canadian businesses of all sizes and lead to economic growth and prosperity in the years to come.

Indonesia is Southeast Asia’s largest economy, with a GDP of C$1.4 trillion, and Canada’s third-largest trading partner in the region. Canadian companies invested over C$3.8 billion in Indonesia at the end of 2019.

Canadians at home and abroad, Mary said, are encouraged to participate in the online public consultation process, which will run until February 23, 2021.

In 2018, Canada signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with 10 other countries in the Asia-Pacific region: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Canada also has free trade agreements with the United States and Mexico, the new Canada-United States-Mexico Agreement (CUSMA), which replaces NAFTA and is Ottawa’s most important trading relationship, and the overall Canada-Union economy. Agreement (Canada-European Union Comprehensive Economic and Trade Agreement (CETA).

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