Improve Trade and Economic ties; Indonesia and Japan Sign Amendment to IJEPA Protocol
Japan's Tokyo "We hope that businesses can utilise the IJEPA agreement promptly to support the economic growth and prosperity of both countries," stressed Minister of Trade Zulkifli Hasan along with Japanese Foreign Minister Yoko Kamikawa on Thursday, August 8, during the signing of the Indonesia-Japan Economic Partnership Agreement (IJEPA) Protocol Amendment.
This strategic economic agreement covers a number of important areas related to trade relations between Japan and Indonesia. The agreement's improvement of Indonesian export goods' market access to Japan across 112 tariff lines—including processed fisheries products—is one of its main features. It is anticipated that this will make Indonesian companies more competitive with respect to rivals.
The agreement offers prospects for enhanced collaboration in the banking industry and trade via electronic systems, support for small and medium-sized enterprises (SMEs) in leveraging digital platforms and marketplaces, training, research, capacity building, and e-commerce utilisation in the services trade.
Additionally, both nations are prepared to work together in a number of fields, such as mould and dies, automotive, improving carer competency, creating testing facilities for medical equipment, the creative economy, and real estate capacity building.
Moreover, Japan has pledged to increase employment opportunities and help place competent Indonesian workers—not just nurses and caregivers—into Indonesia.
Additionally, both nations are prepared to work together in a number of fields, such as mould and dies, automotive, improving carer competency, creating testing facilities for medical equipment, the creative economy, and real estate capacity building.
Moreover, Japan has pledged to increase employment opportunities and help place competent Indonesian workers—not just nurses and caregivers—into Indonesia.
Participating in the virtual signing was Heri Akhmadi, the ambassador of Indonesia to Japan. He said, "I hope this agreement will bring positive benefits for the economic and trade enhancement of both countries." The representatives of Indonesia in Japan are prepared to supervise its execution."
Since July 1, 2008, Indonesia has not entered into a bilateral economic pact prior to the IJEPA accord. Both nations decided to strengthen their bilateral economic ties under a more contemporary framework through the Protocol Amendment after the Comprehensive Review in 2018.
After protracted and intense talks spanning five years, this signing represents a historic event. President Jokowi of Indonesia and Prime Minister Fumio Kishida of Japan declared the substantive conclusion of the discussions for the IJEPA Protocol Amendment on December 16, 2023, in Tokyo.
Since July 1, 2008, Indonesia has not entered into a bilateral economic pact prior to the IJEPA accord. Both nations decided to strengthen their bilateral economic ties under a more contemporary framework through the Protocol Amendment after the Comprehensive Review in 2018.
After protracted and intense talks spanning five years, this signing represents a historic event. President Jokowi of Indonesia and Prime Minister Fumio Kishida of Japan declared the substantive conclusion of the discussions for the IJEPA Protocol Amendment on December 16, 2023, in Tokyo.
Indonesia's fourth-largest commercial partner is Japan. Between 2019 and 2023, the overall trade value climbed by 9% yearly, from USD 31.7 billion to USD 37.3 billion. Over the last five years, Indonesia and Japan have had a trade surplus, with a 13% growth in trade between the two countries between 2019 and 2023. Coal, copper ores, nickel, electrical equipment, natural rubber, agricultural products, plywood, and paper products are among Indonesia's top exports to Japan.
Source kemlu.go.id
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