Jakarta. The Indonesian government recently announced that its trade pact negotiations with the European Union or EU had entered the final stage.

Senior minister Airlangga Hartarto recently met with European Union Commissioner for Trade and Economic Security Maroš Šefčovič in Brussels on Friday local time. The talks centered on making sure that both sides were on the same page to wrap up the Indonesia-EU Comprehensive Economic Partnership Agreement (CEPA) negotiations within this year. 

"The IEU-CEPA has reached its final stage after nine years of negotiations. This is certainly an important momentum amidst the unpredictable and uncertain global economic conditions, thus showing the importance of cooperation in overcoming global challenges," Airlangga was quoted as saying in a press statement.

Government data showed Indonesia-EU trade amounted to $30.1 billion in 2024. The EU is Indonesia's fifth largest trading partner. The Southeast Asian country ranked 33rd in the European bloc’s biggest trading partner list. Indonesia enjoyed a positive trade balance as the surplus jumped from $2.5 billion in 2023 to $4.5 billion the following year.

According to Airlangga, both sides have reached a consensus on a sustainability framework. Jakarta is also nudging the EU into giving preferential access to its fishery products, the same as what the regional grouping has granted to other partner countries.

"Indonesia and the EU agree to immediately resolve the remaining issues and are ready to announce the completion of the negotiations in substance by the end of June 2025," Airlangga said.