The global trade landscape is rapidly changing as the United States fundamentally transforms all of its trading relationships. In this new era, our partners will no longer rely only on the strength of our values but also the value of our strength. We are building our strength at home, diversifying our partnerships abroad, and building a web of new connections to pursue our interests.<\/p>\n
To that end, the Prime Minister, Mark Carney, welcomed the President of Indonesia, Prabowo Subianto, to Ottawa today to announce the new Canada-Indonesia Comprehensive Economic Partnership Agreement (CEPA). This is Canada\u2019s first-ever bilateral trade agreement with an ASEAN country.\u00a0<\/p>\n
This game-changing agreement will eliminate or reduce tariff and non-tariff barriers, create a more transparent and predictable environment for trade and investment, and open new opportunities for Canadian workers and industries in sectors such as clean technology, agri-food, infrastructure, critical minerals, and financial services.\u00a0Once the CEPA is fully implemented,\u00a0over 95% of current Canadian exports to Indonesia will\u00a0have tariffs either reduced or fully eliminated, making Canadian exports \u2013 such as wheat, potash, wood, and soybeans \u2013 far more competitive in Indonesia. CEPA will come into force in 2026, giving consumers and businesses in both countries greater choices and lower costs, while empowering our Canadian workers with opportunities for high-quality careers and making our supply chains stronger and more resilient.\u00a0<\/p>\n
To further drive investment in one another\u2019s economies, Prime Minister Carney and President Subianto welcomed a new Market Leader Partnership Agreement between Export Development Canada (EDC) and the Indonesia Investment Authority (INA). Under this partnership, EDC will make debt financing of up to $825\u00a0million available to the INA. EDC and the INA will work in collaboration to attract investment and generate new business opportunities for Canadian exporters and investors in priority sectors across Indonesia, including infrastructure, digital services, renewable energy, and advanced manufacturing.<\/p>\n
Prime Minister Carney and President Subianto also welcomed the signing of an agreement between the Business Council of Canada and Kadin, Indonesia\u2019s Chamber of Commerce and Industry,\u00a0to strengthen\u00a0trade and investment ties between Canada and Indonesia. This\u00a0agreement will build a strong network of business alliances through bilateral trade missions.<\/p>\n
With Indonesia\u2019s market projected to become a top five global economy by 2050, these partnerships will unlock significant potential for Canadian workers, businesses, and investors.<\/p>\n