Free Trade Agreement with Indonesia: Federal Council adopts dispatch
Bern, 22.05.2019 - On 22 May, the Federal Council issued a dispatch on the Comprehensive Economic Partnership Agreement between the EFTA states and Indonesia. The dispatch has been submitted to Parliament for approval. EFTA is the first European partner to sign a free trade agreement with Indonesia.
The Comprehensive Economic Partnership Agreement (CEPA) between the EFTA states (Iceland, Liechtenstein, Norway and Switzerland) and Indonesia was signed on 16 December 2018 in the Indonesian capital, Jakarta. It covers a wide range of sectors and largely mirrors recent Swiss free trade agreements. EFTA is the first European partner to sign a free trade agreement with Indonesia.
Comprehensive and modern agreement
CEPA will improve market access and legal certainty for trade in goods and services in particular. For 98% of current goods exports from Switzerland to Indonesia, all customs duties will be eliminated at the end of the relevant time periods. Moreover, the agreement includes provisions on investment, the protection of intellectual property, the elimination of non-tariff barriers to trade, including sanitary and phytosanitary measures, competition, trade facilitation, trade and sustainable development and economic cooperation.
A trading partner with great potential
The increasing purchasing power of the Indonesian middle class makes Indonesia, with a population of over 260 million, an attractive market for Swiss exports. Bilateral trade flows are currently worth around CHF 1.4 billion annually (including gold), meaning that there is significant potential for growth. In 2018, Indonesia was Switzerland’s 47th largest trading partner. The country is currently experiencing economic growth of over 5 per cent a year and forecasts suggest it could become the world’s fourth largest economy by 2050.
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