Indonesia and Canada discuss business cooperation

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Nusa Dua, Bali (ANTARA) – Indonesian Trade Minister Zulkifli Hasan met with Canadian Minister of Commerce, Small Business, Export Promotion and International Trade Mary Ng in Nusa Dua, Bali to discuss strengthening trade relations between the two countries.

The meeting was linked to the framework of the Indonesia-Canada Comprehensive Economic Partnership Agreement (ICA-CEPA) on which the third round of negotiations will be held virtually from October 31 to November 4, 2022.

“The meeting was productive and both parties were flexible in finding common ground on various issues. Several working groups will hold intercession ahead of the third round of negotiations to expedite the progress of the negotiations,” Hasan informed in Bali on Friday.

The meeting was held on the sidelines of the G20 Trade, Investment and Industry Ministerial Meeting (TIIMM) in Nusa Dua, Badung, Bali, from September 21-23.

During the meeting, the two ministers discussed improving trade relations between Indonesia and Canada in bilateral, regional and multilateral forums. Canada has also expressed interest in bringing beef and live cattle to Indonesia.

Hasan praised Canada’s openness and flexibility in its approach to Indonesia, particularly on new issues negotiated at ICA-CEPA, such as employment, environment and inclusive trade.

“Therefore, negotiations must continue in a spirit of collaboration,” he said.

The Trade Minister welcomed Canada’s interest in importing beef and live cattle into Indonesia. However, to supply meat, Canada will have to meet health regulations, product safety and halal requirements formulated by the Ministry of Agriculture and the Ministry of Religious Affairs, he said.

“For this reason, Canada should coordinate with the Ministry of Agriculture and the Halal Products Insurance Agency of the Ministry of Religious Affairs to be able to supply the meat to Indonesia immediately,” Hasan said.

During the period from January to July 2022, the total trade between Indonesia and Canada was recorded at US$2.41 billion, up 38.03% from the same period in 2021.

Meanwhile, in 2021, total trade between the two countries reached $3.12 billion, an increase of 29.57 percent from $2.40 billion the year before.

Indonesia’s main exports to Canada include natural rubber, textiles, vehicle parts, rubber tires and footwear. Meanwhile, Indonesia’s major imports from Canada include wheat and machinery, mineral fertilizers, chemical wood powder, soybeans and iron ore.

In the area of ​​investment, Canada ranks 17th as a source of foreign direct investment for Indonesia.

In 2021, the country recorded an investment of US$182.1 million in 126 projects in the main mining sector; residential, industrial and office areas; as well as other services.

Over the five years from 2017 to 2021, Canada has invested a total of US$800 million in 691 projects in Indonesia.

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