JAKARTA, RAKYAT NEWS- Indonesia and Japan are poised to enhance their bilateral trade relations with new breakthroughs in economic cooperation under the Indonesia-Japan Economic Partnership Agreement (IJEPA)

According to Deputy Minister of Trade Jerry Sambuaga, the future between the two countries are better

Jerry expressed confidence in the potential for further developing bilateral trade through the utilization of IJEPA, highlighting the support from the Japan Chamber of Commerce and Industry (JCCI) in fortifying economic ties between the two nations.

“With extensive negotiations, we anticipate that businesses can leverage IJEPA to explore and expand market access opportunities between Indonesia and Japan,” Jerry stated in Jakarta

The ongoing negotiations for the IJEPA Amendment Protocol are currently in the legal scrubbing and final text finalization stages. The amendments aim to enhance various sectors including Trade in Goods, Trade in Services, Electronic Commerce, Movement of Natural Persons, Cooperation, Intellectual Property, and Government Procurement.

Expected to conclude in the second week of July 2024, the Amendment Protocol will undergo internal governmental administrative processes, culminating in its signing by the Indonesian Minister of Trade and the Japanese Minister of Foreign Affairs in September 2024.

Jerry emphasized that IJEPA, signed on August 20, 2007, and implemented on July 1, 2008, marks Indonesia’s first bilateral economic agreement and underscores Japan’s significance as a crucial trading and investment partner.

Japan’s investments in Indonesia from 2019-2023 totaled USD 18.3 billion, predominantly in sectors such as energy, automotive, and property. Indonesia aims to attract more foreign investments in renewable energy sectors as part of its commitment to achieving net zero emissions by 2060 or earlier