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Trade with UAE to rise fivefold with IUEA-CEPA: Minister
Written by Nur Yasmin
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Trade Minister Muhammad Lutfi has said he expects the value of Indonesia’s trade with the United Arab Emirates (UAE) to increase fivefold through the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUEA-CEPA).
"We hope our trade will become fivefold of the value of US$2.92 billion in 2020. The UAE will become the hub of our products for countries in Africa and the Middle East regions," he remarked here on Thursday.
Indonesia is not only targeting the market in the UAE, which has a population of around nine million, but also several surrounding countries to tap greater market potential, he said.
In addition, the UAE is a member of the Gulf Cooperation Council, he noted.
The association is among the non-traditional export markets that serve as an international trade hub for the Middle Eastern, African, and European market, he said.
Meanwhile, the total trade between Indonesia and the UAE in January-June 2021 was recorded at US$1.85 billion.
During the period, Indonesia's exports to the UAE reached US$852.26 million, while its imports were recorded at US$1 billion.
The total trade between the two countries in 2020 stood at US$2.92 billion, with Indonesia’s exports reaching US$1.24 billion and imports touching US$1.68 billion.
Indonesia's exports to the UAE comprised palm oil and its fractions (reaching US$141.4 million); jewelry (US$92 million); tubes, pipes, and hollow profiles (US$91.7 million); transport vehicles (US$79.7 million); as well as woven fabrics of synthetic filament yarn (US$60.1 million).
Meanwhile, Indonesia's imports comprised semi-finished products of iron or non-alloy steel (worth US$143.2 million); acyclic hydrocarbons (US$65.3 million); unwrought aluminum (US$52.4 million); colloidal precious metals (US$49.8 million); propylene polymers US($45.0 million); ethylene polymers (US$28.7 million); gold (US$22.9 million), sulphur (US$15.3 million), dates and figs (US$11.1 million); as well as copper waste and scrap (US$7.6 million). (Antaranews)
