Free Trade Agreement Signed between Indonesia and UAE
There has been a new Free Trade Agreement Signed between Indonesia and UAE recently at the beginning of July 2022. The Agreement on the Indonesia-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (IUAE-CEPA) is predicted to promote trade and Indonesia’s investment performance with Gulf and Middle Eastern countries.
The Free Trade Agreement was signed by the Indonesian Minister of Trade Zulkifli Hasan and Minister of Economy of the UAE Abdulla bin Touq Al Marri on July 1, on the sidelines of President Joko Widodo’s working visit to Abu Dhabi.
Having had a diplomatic relationship since 1976, this trade deal between 2 powerful countries will strengthen the longstanding relationship, boosting the economy and creating more wealthy lives for the citizens of both nations.
The Indonesian President applauds the completion of the IUAE-CEPA. This agreement also serves as Indonesia’s entry point into the UAE, which in turn acts as a hub for increasing exports to non-traditional destinations such as the Gulf, Middle East, Africa, and South Asia.
The signing of the IUAE-CEPA is also a pivotal moment for Indonesia, as it is the first time the country has had a trade agreement with a country in the Gulf region.
He stated that he hopes that when the IUAE-CEPA goes into effect, the improved performance of the trade and investment sectors will help to accelerate post-pandemic economic recovery and increase Indonesia’s competitiveness.
The impacts of the Free Trade Agreement
Although the public cannot yet access the official text of the IUAE-CEPA, it is known that the agreement covers a variety of topics, including trade of goods and services, investment, Islamic Economy, economic cooperation, procurement of goods and services, e-commerce, small and medium enterprises (SMEs); the origin of goods, legal and organizational issues, and intellectual property.
The fact that intellectual property is listed as one of the IUAE-components CEPA’s shows that Indonesia seriously focuses to continue and raise the export of leading creative industry products and services to the UAE, which is in line with the Indonesian Government’s goal to become one of the global players in the creative industry by 2030.
According to statistics from numerous sources, Indonesian exports to the UAE are expected to increase by 844.4 million USD, or 53.90%, over the next ten years. Furthermore, Indonesia’s imports from the UAE are expected to rise by 307.3 million USD or approximately 18.26%.
Despite not being an Islamic nation, Indonesia is regarded as one of the most tolerant Muslim majority nations, which has contributed to the country’s rapid expansion and its somewhat easier connection to the country of Muslim origins.
The IUAE-CEPA requires the two countries to recognize each other’s Halal certification. The Free Trade Agreement is also expected to create more opportunities for the two countries, as it is predicted that the bilateral agreement will open the market between the two countries and gradually reduce and/or eliminate trade tariffs for both countries.
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