Canada Opens Public Consultation on CEPA with Indonesia

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

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

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

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

Indonesia is the largest economy in Southeast Asia, with a GDP of Can$1.4 trillion and is Canada’s third largest trading partner in the Region. Canadian companies have invested more than Can$3.8 billion in Indonesia by 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 replaced NAFTA and is the most important trade relationship for Ottawa, and the Canada-Union Comprehensive Economy. Europe and Trade Agreement (The Canada-European Union Comprehensive Economic and Trade Agreement (CETA).

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