The UAE has signed an economic pact with Indonesia, which will effectively remove tariffs and boost bilateral trade.
The Indonesia-UAE Comprehensive Economic Partnership Agreement (CEPA) is expected to remove about 94 percent of existing tariffs, a statement from the Indonesia’s trade ministry showed, which will see Indonesian exports to the Emirates rising by 54 percent over the next 10 years.
The move aligns with the UAE’s ambition to become a global hub for business and finance – signing deals with countries to further mobilise international trade. It previously signed similar agreements with India and Israel.
Emirati Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi last year met with the Indonesian Ambassador Husin Bagis in Dubai to talk about the CEPA negotiations. At the time, both officials also discussed potentially creating a joint economic committee between the two countries.
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