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Optimism IUAE-CEPA to be Implemented by August

Antara News are reporting that Zulkifli Hasan, Indonesia’s Trade Minister is  optimistic that the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA) will be implemented in early August 2023.

“I believe the agreement will further strengthen economic and trade relations between the two countries,” he added in a written statement released on Tuesday.

During a meeting with the Minister of State of the United Arab Emirates, Ahmed Bin Ali Al Sayegh, Hasan praised the efforts made to deliver the notification regarding the completion of the ratification on December 26, 2022, to Indonesia, report Antara News.

Indonesia’s IUAE-CEPA ratification process has reached the final stages, and the agreement is expected to be ratified through a presidential regulation.

“Currently, the State Secretariat is in the process of issuing the regulation. The regulation is expected to be issued in June 2023,” Hasan informed.

Besides discussing the progress of the IUAE-CEPA, the two ministers expressed their support for each other. Minister Ali Al Sayegh also expressed support for Indonesia’s chairmanship of ASEAN. Meanwhile, Minister Hasan expressed his support for the United Arab Emirates hosting the 13th Ministerial Conference (MC) of the World Trade Organization (WTO) in Abu Dhabi in 2024, say Antara News.

The United Arab Emirates is Indonesia’s 19th export destination country and the 18th import destination. From January to March this year, the total trade between the two countries was valued at USD 1.13-billion, while Indonesia’s exports to the United Arab Emirates reached USD 615.31-million. The nation’s imports from the UAE were recorded at USD 516.09-million.

In 2022, the total trade between the two countries touched USD 5.06-billion, with Indonesia’s exports to the United Arab Emirates pegged at USD 2.30-billion and Indonesia’s imports from the UAE recorded at USD 2.76-billion.

Indonesia’s main exports to the UAE include jewelry, palm oil, motor vehicles, woven fabrics, as well as monitors and projectors.

Meanwhile, its imports from the UAE include gold, unwrought aluminum, sulfur, semi-finished iron/steel products, and acyclic hydrocarbons.

Source: Antara News

Photo by Ian Taylor on Unsplash

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Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

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Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.