The Head of State and the Indonesian President witness the exchange ceremony of the Comprehensive Economic Partnership Agreement
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Joko Widodo, President of the Republic of Indonesia witnessed today the exchange of a comprehensive economic partnership agreement between the UAE and Indonesia.
The Comprehensive Economic Partnership Agreement with Indonesia is the third of its kind concluded by the UAE since the beginning of this year, after signing two similar agreements with India and Israel during the months of last February and May.
The agreement was exchanged during the ceremonies that took place at Al Shati Palace in Abu Dhabi, Minister of Economy Abdullah bin Touq Al Marri and Minister of Commerce of the Republic of Indonesia Zulkifli Hassan.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, said that the UAE, by expanding its network of trading partners, continues to implement its ambitious plans to start a new era of prosperity by taking advantage of its global position as a major gateway for the flow of trade and investment.
His Highness stressed that Indonesia is one of the most important strategic allies of the UAE, and the two countries have been working together in a spirit of constructive cooperation for decades to stimulate comprehensive development and provide opportunities for growth and prosperity for the two friendly peoples.
His Highness expressed his aspiration that this historic agreement will constitute a new platform to facilitate the flow of intra-trade, constructive cooperation, exchange of investments, transfer of knowledge and experiences, as well as providing new tools to deal with future challenges and opportunities together.
His Highness Sheikh Mohamed bin Zayed Al Nahyan indicated that the conclusion of the comprehensive economic partnership agreement with Indonesia comes within the framework of an ambitious plan to establish a network of strategic trade alliances for the UAE with some of the fastest growing economies in the world, which contributes to stimulating the next stage of growth and prosperity for the country. The UAE is under the umbrella of the "50 projects" that aim to consolidate the country's position as a global trade and investment center.
For his part, President Joko Widodo of the Republic of Indonesia welcomed the comprehensive economic partnership agreement between his country and the UAE. He said that it is the culmination of the distinguished historical relations between the two countries and the continuous joint work to advance these relations to broader and more comprehensive levels, pointing to the keenness of the leaderships of the two countries and the common will that contributed to Execution of the agreement.
His Excellency stressed that the agreement constitutes an ambitious leap in cooperation between the two countries and a solid base that will move relations to a new stage, the fastest development and prosperity, in a manner that meets the aspirations of their two friendly peoples.
He expressed his happiness with this important economic agreement, noting that it is expected to contribute to doubling the value of bilateral trade in the coming years.
The comprehensive economic partnership agreement between the UAE and Indonesia aims to stimulate bilateral trade between the two countries from about three billion dollars annually in 2021 to reach more than 10 billion dollars annually within five years by reducing or removing customs duties on a wide range of goods and services. This creates new opportunities for exporters and companies on both sides.
Under the Comprehensive Economic Partnership Agreement between the two countries, more than 80% of UAE exports to Indonesia will be granted immediate exemption from customs duties. The agreement will also contribute to increasing the total value of trade in services between the two countries, reaching $630 million by 2030. It will be simplified Customs procedures .. and regarding digital trade, the agreement will make it easier for Emirati companies to do business with the largest economy in Southeast Asia, which is expected to grow by 5.4% in 2022, according to International Monetary Fund estimates.
The comprehensive economic partnership agreement between the UAE and the Republic of Indonesia aims to create more opportunities in the fast-growing sectors of the Islamic economy, which is estimated to reach $3.2 trillion by 2024.
It will also accelerate the pace of up to $10 billion in investment projects in shared priority sectors such as agriculture, energy, infrastructure, and logistics, while encouraging future cooperation in the areas of tourism, entrepreneurship and healthcare.
The agreement aims to achieve rapid technological progress in promising sectors including clean and renewable energy technology, cloud computing and automation, leading to further social and economic progress in the two countries.
The landmark agreement will strengthen the position of the South-South corridor of world trade.
The UAE and Indonesia launched talks aimed at reaching a comprehensive economic partnership agreement during September 2021 within a common vision to expand economic opportunities, support recovery from the "Covid 19" pandemic and announce a new phase of strategic cooperation, in addition to upgrading bilateral relations in various fields. To new horizons, noting that the non-oil intra-regional trade between the two countries amounted to three billion dollars during 2021, an increase of 62% from 2020 and 17% from 2019.
The two countries continue to cooperate more closely by working together on a wide range of strategic projects, including the world's largest floating solar power plant.
The UAE also pledged $10 billion to the Indonesian Investment Authority, at the same time the Indonesian government became the largest sukuk issuer on Nasdaq Dubai in May 2019.
Indonesia is a diversified archipelago and the largest economy in Southeast Asia, with a population of more than 270 million people, making it the fourth most populous country in the world.. Indonesia, like the UAE, enjoys a privileged geographical location at the intersection of major trade routes Provides greater interdependence that allows easy flow of goods and services.
The ceremony also included the exchange of a number of memoranda of understanding and the following protocols: A memorandum of understanding between the Ministry of Health and Community Protection and the National Agency for Drug and Food Control in Indonesia regarding cooperation in the field of drug and vaccine control.. It was exchanged by His Excellency Abdul Rahman bin Muhammad Al Owais, Minister of Health and Community Protection, and His Excellency Retinol. B Marsudi, Minister of Foreign Affairs of Indonesia.
Implementation of a joint project on the development of mangroves between the Ministry of Environment and Climate Change and the Ministry of Coordination for Maritime Affairs and Investment in the Republic of Indonesia, which was exchanged by the Minister of Climate Change and Environment Maryam bint Muhammad Saeed Hareb Al Muhairi and H.E. Retnol. B Marsudi, Minister of Foreign Affairs of Indonesia.
A protocol of cooperation between the Ministry of Defense in the UAE and its counterpart in Indonesia was exchanged by Mohammed bin Ahmed Al Bawardi, Minister of State for Defense Affairs, and Prabowo Subianto, the Indonesian Minister of Defense.
A memorandum of understanding between Mohamed bin Zayed University for Human Sciences and Nahdlatul Ulama University, Yogyakarta.. was exchanged by His Excellency Dr. Hamdan Musallam Al Mazrouei, Advisor at the Abu Dhabi Crown Prince's Court, and from Indonesia, by Yahya Khalil Thaqouf, President of Nahdlatul Ulama Association.
The contract for the purchase of a landing platform between “Tawazun” and the Indonesian company “SOE” was exchanged by His Excellency Tariq Abdul Rahim Al Hosani, CEO of Tawazun Economic Council, and His Excellency Qaher Al-Din Jinod, CEO of “PAL.Pt - PtPal” in Indonesia.
The ceremony of exchanging the Comprehensive Economic Partnership Agreement was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, H.H. Sheikh Hamed bin Zayed Al Nahyan, member of the Executive Council, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and H.H. Sheikh Mohammed bin Hamad His Excellency bin Tahnoun Al Nahyan, Adviser to Special Affairs at the Ministry of Presidential Affairs, His Excellency Suhail bin Muhammad Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Dr. Anwar bin Mohammed Gargash, Diplomatic Advisor His Highness the President of the State and a number of officials.
The ceremony was also attended by the delegation accompanying the guest president, which includes Eric Tohir, Minister of State Enterprises, Pramono Anung, Minister and Cabinet Secretary, Bambang Susanto, Head of the Capital Authority of Nusantara, Reza Wirakusuma, President of the Investment Authority of Indonesia, Hussain Bagis, Indonesia's ambassador to the country, and a number of Senior Officials in Indonesia.
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