Indonesian Trade Minister Zulkifli Hasan (center) after signing the Protocol Amending the Indonesia-Japan Economic Partnership Agreement, Jakarta, August 8, 2024 (Photo: antaranews.com)
 

Indonesia's Trade Minister Zulkifli Hasan and Japan's Foreign Minister Yoko Kamikawa signed the Protocol of Amendments to the Indonesia-Japan Economic Partnership Agreement (IJEPA) in Jakarta on August 8.

The protocol is expected to shoot up the total value of Indonesia's exports to Japan to 35.9 billion USD by 2028, or about 58% higher than the 20.8 billion USD recorded last year.

According to the Indonesian minister, the protocol changes several chapters of the IJEPA, namely Trade in Goods, Trade in Services, Electronic Commerce, Movement of Natural Persons (MNP), Cooperation in Intellectual Property, and Government Procurement.

Regarding trade in goods, he noted that the protocol encourages Japan to facilitate a wide range of Indonesian goods, including marine products, fruits, foods and beverages, and organic chemicals, to access its market.

Meanwhile, Indonesia will facilitate the inflow of Japanese iron, steel, and automotive products, among others.

Indonesia and Japan also agreed to expand market access in the banking sector, collaborate to enhance capacity in the real estate and transportation sectors and pursue intensified trade through electronic systems, the minister added.

Hasan revealed that the two countries had reached an agreement on extending the working period of Indonesian caregivers in Japan, perfecting immigration and immigrant workers' placement procedures, and broadening opportunities for Indonesians to work in Japan.

The IJEPA, signed on August 20, 2007, and entered into force on July 1, 2008, constitutes a bilateral trade agreement that features the need for Indonesia. The two sides produced a joint report as a foundation for rounds of negotiations on the amendment protocol whose ratification process is expected to be concluded by 2025./.

VNA