ABU DHABI, 1st July, 2022 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE-Indonesia Comprehensive Economic Partnership Agreement (CEPA), which was announced today, will reduce and cancel tariffs on 99 percent of traded goods and streamline relevant procedures and laws help boost trade exchanges between the two nations.
In statements to the Emirates News Agency (WAM), Dr. Al Zeyoudi said that, by 2030, the CEPA is expected to contribute around US$4.6 billion to the GDP, as well as create around 50,000 high-skilled jobs.
He explained that the agreement with Indonesia aligns with the Projects of the 50, which aim to have UAE services, companies and goods tap new markets in countries that are seeing significant growth, highlighting that Indonesia, named among E7 countries, is set to become among the world’s largest economies by 2050.
He added that the UAE-Indonesia CEPA includes cooperation in various sectors, including halal food, Islamic fashion, pharmaceuticals, and other Sharia-complaint sectors, noting that the UAE and Indonesia are among the key Sharia-complaint economies.