Indonesia Signs Comprehensive Economic Partnership Agreement With the European Union (EU)

Indonesia and the European Union officially signed the "Indonesia-European Union Comprehensive Economic Partnership Agreement" in Bali, Indonesia, on September 23. The Indonesian Coordinating Ministry for Economic Affairs stated in a declaration that the agreement covers trade liberalization in areas such as goods, services, and investment. In terms of goods trade, both parties have committed to eliminating over 98% of tariff lines and 99% of the total tariff on imports. It is expected that Indonesia's main export products, such as palm oil, coffee, textiles, footwear, and furniture, will benefit from this, and new opportunities are anticipated for high-tech products and digital trade. The statement said that the Indonesian government's goal is to achieve a 60% increase in exports to the EU through the implementation of the agreement, boosting national income by $2.8 billion. According to Indonesian official statistics, the bilateral trade volume between Indonesia and the EU will reach $30.1 billion in 2024.