Indonesia Submits IEU-CEPA to European Parliament for Review
- Reports
- 3
- Developments
- 1
- Repetition
- 67%
New informationRepeats or wire copies
What happened
Indonesia has submitted the text for the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA) to the European Parliament for legislative review. President Prabowo Subianto has ordered the cabinet to expedite the pact's completion, as the current preferential tariff access enjoyed by Indonesian goods will expire on January 1, 2027, due to Indonesia's classification as an upper-middle-income country in the EU market.
Why it matters
The successful ratification of the IEU-CEPA is seen as a potential game-changer for Indonesia's global trade positioning. The agreement, if finalized, is expected to grant immediate zero-tariff access to 90 percent of Indonesian goods entering the EU, while the EU is expected to eliminate import duties on 98.5 percent of tariff lines.
From antaranews.com
Who's involved
- IndonesiaThe country seeking to secure preferential market access to the EU.
- European ParliamentThe body currently conducting the legislative review of the trade agreement.
- Prabowo SubiantoPresident of Indonesia who issued the order to fast-track the negotiations.
- Airlangga HartartoCoordinating Minister for Economic Affairs overseeing the pact's finalization.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- IndonesiaSpeculative
The country could benefit from expanded market access and boosted bilateral investment through the agreement.
- European ParliamentSpeculative
The Parliament could see its legislative function influence the economic future of the trade bloc.
Keep exploring
The entities involved
-
Indonesia
island country in Southeast Asia and Oceania
-
European Parliament
parliament of the European Union directly elected by the citizens of the Union
-
Prabowo Subianto
President of the Republic of Indonesia
Related events
- Indonesia formally ratified its commitments under the Paris Agreement.
- Joint Commission reviewed commitments from President Prabowo's visit, seeking cooperation across defence, trade, and education between India and Indonesia.
- Leaders are meeting to finalize agreements on bilateral cooperation between Indonesia and other partners, focusing on economy, energy, agriculture, industry, and pharmaceuticals.
- Indonesia renews a trilateral agreement to strengthen cooperation amid regional security issues.
- Sugiono led the Indonesian delegation at the UN General Assembly to advocate for international cooperation.