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A Comprehensive Economic Partnership Agreement (CEPA) was signed by the UAE with Indonesia, which is to remove tariffs and increase bilateral trade. This trade is said to cover healthcare, education, construction, transportation, telecommunications, and Islamic finance.
Due to the elimination of customs tariffs between the two countries, UAE exports will have an advantage of 83%.
UAE’s Economic minister, Abdullah bin Touq Al Marri, has stated that “The partnership is conducive to drawing foreign investments from other countries interested in having access to the two nations’ markets. We succeeded in reaching a balanced agreement that ensures a win-win partnership while protecting each other’s domestic industries.”
Furthermore, Indonesia’s trade minister, Zulkifli Hasan, has said that this is the first time Indonesia has signed an agreement like this with one of the region’s countries, and that he is hopeful this will further increase cooperation in service of their mutual interests.
It is also expected that by 2024, the global Islamic economy will amount to US$3.2 trillion, becoming one of the fastest growing sectors in the global economy.
