JAKARTA (Reuters) -The European Union (EU) and Indonesia have finalised a trade agreement to be signed next week in Bali island, a senior minister from the Southeast Asian nation said on Wednesday.
EU and Indonesia Set to Finalize Trade Agreement in Bali Next Week
JAKARTA (Reuters) -The European Union (EU) and Indonesia have finalised a trade agreement to be signed next week in Bali island, a senior minister from the Southeast Asian nation said on Wednesday.
The signing will occur on September 23, Indonesia's senior economic minister Airlangga Hartarto told Reuters.
"We plan to sign in Bali," Airlangga said.
The Financial Times reported on Tuesday that EU Trade Commissioner Maros Sefcovic will travel to Indonesia for the signing.
The EU Trade Office did not respond to a request for comment.
U.S. President Donald Trump's import tariffs on both parties accelerated the talks.
Indonesia will get zero tariffs for 80% of its export products to the EU and the removal of non-tariff barriers, and it will increase market access for the bloc's agricultural and manufactured goods, Indonesian officials have said.
Jakarta has also expressed hope the EU could accelerate the ratification process after the signing, which would come after nine years of negotiations, so that the deal could take effect by late 2026 or 2027.
In July, European Commission President Ursula von der Leyen said a political agreement had been reached to advance the EU-Indonesia free trade deal, known as the Comprehensive Economic Partnership Agreement (CEPA).
Bilateral trade last year stood at $30.1 billion, with Indonesia booking a $4.5 billion trade surplus, according to Indonesian data. The bloc is Indonesia's fifth-biggest trade partner.
Indonesia's main exports to the EU include palm oil, footwear and textile products.
(Reporting by Ananda Teresia; Editing by Muralikumar Anantharaman)
