Comprehensive economic cooperation between Indonesia and the United Arab Emirates or Indonesia – United Arab Emirates Comprehensive Partnership Agreement (IUAE-CEPA) makes the government believe that Indonesia’s exports to the UAE can skyrocket.
IUAE-CEPA is expected to open more access for trade in goods from Indonesia. Moreover, the role of the United Arab Emirates in Indonesia is very important, because it is one of the non-traditional export markets that are trade hubs for the Middle East, Africa, and Europe.
Trade Minister Muhammad Lutfi targets that, when compared to 2021, Indonesia’s exports to the United Arab Emirates (UAE) can increase by 53.9% in the next 10 years.
Currently, he continued, the two parties are conducting intense communication and meetings and hope that the IUAE – CEPA will be signed by the Ministers of Trade of the two countries.
“Indonesia continues to improve cooperation and investment relations with the UAE, for Indonesia the role of the UAE is very strategic to increase exports and national investment,” said Lutfi, in a statement, quoted Tuesday (17/5/2022).
It is known that the total trade between Indonesia and EA was recorded at US$ 4.04 billion in 2021, of which Indonesia’s exports to the UAE reached US$ 1.89 billion and Indonesia’s imports from the UAE amounted to US$ 2.14 billion.
Meanwhile, in the January-March 2022 period, the total trade between the two countries was recorded at US$ 1.25 billion, or an increase of 20.99% compared to the same period in 2021 of US$ 1.03 billion.
On the other hand, Indonesia’s exports to the UAE in the January-March 2022 period reached US$ 525 million, an increase of 31.13% compared to the same period in 2021 which reached US$ 400 million. Indonesia’s imports from the UAE amounted to US$729 million, an increase of 14.6% compared to the same period in 2021 which reached US$636 million.
Indonesia’s non-oil and gas export products to the United Arab Emirates include palm oil, articles of jewelry, tubes, and pipes of iron, motor cars & other motor vehicles, and woven fabrics of synthetic filament yarn.
Meanwhile, Indonesia’s non-oil and gas imports from the UAE include semi-finished products of iron or non-alloy steel, acyclic hydrocarbons, unwrought aluminum, colloidal precious metal, and polymers of propylene or other olefins.
The meeting was held in the Presidential Flight room of Abu Dhabi International Airport, Sunday (15/5/2022). Lutfi, who also accompanied President Joko Widodo, met Crown Prince Mohammed Bin Zayed Al Nahyan, to express his condolences for the death of the President of the UAE, His Excellency Sheikh Khalifa bin Zayed Al Nahyan.
He reportedly passed away on May 13, 2022, at the age of 73 years.
“The President expressed his deep condolences for the death of His Highness Sheikh Khalifa. He is a great leader not only in the Middle East but also in the world,” said Lutfi.