Jakarta – Association of CEOs and business leaders Indonesian Business Council (IBC) and Business Council of Canada sign a memorandum of understanding to strengthen cooperation between both business groups following the framework of Indonesia-Canada Comprehensive Economic Partnership Agreement (CEPA) in Jakarta, 3 December 2024.
The MoU provides a groundwork of partnership between IBC and BCC to develop join projects, research, and formulation of policy recommendation on strategic topics that will promote economic collaboration between Indonesian and Canadian business groups.
CEO of IBC Sofyan A. Djalil stated the MoU is part of the effort to strengthen the relations between Indonesian and Canadian businesses. “I am confident this initiative will unlock key potential and opportunities between Canada and Indonesia, particularly in enhancing trade and investment between both countries,” said Mr. Djalil during the MoU signing.
President and CEO of Business Council of Canada Goldy Hyder said in completing the discussion of Canada-Indonesia Comprehensive Economic Partnership Agreement (CEPA), the government of Canada and Indonesia has promoted diversification of business. “The governments have done their part, now it is up to businesses to realize the full potential. Canada and Indonesia have ambitions to become hubs for the region and I encourage Indonesia to open business in Canada and to work together,” said Mr. Hyder.
Indonesia and Canada have recently concluded the substantive negotiations for a Canada-Indonesia Comprehensive Economic Partnership Agreement (CEPA). The negotiations have resulted in a comprehensive trade agreement that addresses market access for goods, services, and investment, and includes provisions on small and medium-sized enterprises, labour, environment, and women’s economic empowerment, and co-operation on critical minerals. A joint ministerial statement has been signed on 2 December 2024 in Jakarta.
The MoU signing between IBC and BCC was attended by Indonesian Vice Minister of Trade Mrs. Dyah Roro Esti Widya Putri and Canadian Minister of Export Promotion, International Trade, and Economic Development Mrs. Mary Ng.
Indonesian Vice Minister of Trade Dyah Roro Esti Widya Putri explained that there are many different potential sectors for economic collaboration to be realised through the CEPA between Indonesia and Canada. “Both Indonesia and Canada are committed to bring this agreement into realisation as soon as possible and expects to sign the agreement at the beginning of 2025,” said Vice Minister Dyah Roro.
Minister Mary Ng stated that both countries can work together to strengthen economic resilience. “When Indonesia’s economy prospers, ours does too! Our economies have so much to offer each other in areas ranging from agriculture to advanced manufacturing, critical minerals, financial services, clean technology, and digital trade. We can also work together to strengthen Indonesia’s economic resilience through the effective management of natural resources and down streaming into value-added industries,” stated Minister Ng.
For further inquiries, please contact Kartika Susanti through kartika.susanti@business-council.id