Indonesia and Turkey signed on Thursday a document leading to negotiation rounds of Comprehensive Economic Partnership Agreement (CEPA) between the two countries, which is expected to further enhance bilateral trade.
The signing of the document was conducted by Indonesian Trade Minister Enggartiasto Lukita and Turkey Deputy Prime Minister Fikri Isik in Tangerang, west of Indonesian capital Jakarta.
Should the negotiations were succeed, the two economies were expected to see two-way trade reach 10 billion U.S. dollars by 2023, Enggartiasto said.
“The CEPA would pave the way for bilateral efforts to materialize mutual visions of Indonesia and Turkey leaders,” he said.
Turkey Deputy Prime Minister Isik said Indonesia would hold strategic and significant role, possessing major potential among Asian countries, thanks to its huge human resources.
“This decision (CEPA) is very essential to bring about improved level of economy in the two countries,” he added.
Two-way trade between Indonesia and Turkey stood at 1.7 billion U.S. dollars last year, down 9 percent from a year earlier.
Indonesia is now undergoing CEPA negotiations with several countries and economies, including Australia, South Korea, India, Chile and European Union, to expand its trade.