The United Arab Emirates (UAE) and Indonesia on Friday signed a Comprehensive Economic Partnership Agreement (CEPA) to further boost trade between the two countries.
“The signing of the Comprehensive Economic Partnership Agreement between the UAE and Indonesia, in the presence of President Joko Widodo, builds on the longstanding ties between our two nations and heralds the beginning of a new era of increased trade, investment and economic co-operation,” UAE President Sheikh Mohamed said in a tweet post.
UAE Minister of Economy, Abdullah bin Touq Al Marri, and Indonesia Minister of Trade Zulkifli Hasan signed the agreement in Al Shati Palace in Abu Dhabi.
This is the third such deal signed by the UAE this year, following the CEPAs with India and Israel, and is designed to increase annual bilateral trade to US$10 billion within five years.
Emirate news agency WAM reported that UAE has intention to remove trade barriers on a wide range of goods and services in order to create new opportunities for UAE exporters.
Speaking in the signing ceremony, President Widodo welcomed the CEPA agreement between Indonesia and UAE and said that this milestone comes as continuous efforts between the two states to advance bilateral relations to a broader and more comprehensive level.
Following the CEPA deal, trade value between the UAE and Indonesia could potentially reach $630 million by 2030.
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