The trade relationship between the UAE and Indonesia has been growing steadily in recent years. In terms of bilateral trade, the UAE is one of Indonesia’s largest trading partners in the Middle East. Historically, the UAE has been a major importer of Indonesian palm oil, jewelry and precious stones while Indonesia imports petroleum products, petrochemicals, non-alloy steel and machinery from the UAE.
The UAE – Indonesia CEPA
The UAE – Indonesia Comprehensive Economic Partnership Agreement (CEPA), the bilateral free trade agreement was signed with the aim to increase trade and investment between the two countries. The Agreement was signed in the presence of Joko Widodo, President of Indonesia and His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE in July 2022.
According to the UAE Minister of State for Foreign Trade HE Dr. Thani bin Ahmed Al Zeyoudi, the trade pact would create 55,000 highly skilled jobs in the UAE and add about $4.6 billion to the GDP as the exports are estimated to increase by $3.2 billion and the imports by $2.6 billion by 2030.
Under the UAE – Indonesia CEPA, both countries will eliminate or reduce tariffs on a wide range of goods and services. This will make it easier and economical for businesses in both countries to trade with each other. Under the far-reaching trade deal, over 80 percent of UAE exports will gain immediate duty-free access to Indonesia. The agreement also includes provisions for the protection of intellectual property rights, the promotion of e-commerce, and the facilitation of investment.
The UAE and Indonesia are both important economies in their respective regions and the CEPA is expected to strengthen their economic ties. The agreement is also significant as it is the first trade agreement between the UAE and a Southeast Asian country.
Both countries have been engaging in various initiatives and business forums to promote trade and investment. There have been visits by high-level delegations from both countries, business expos, and joint investment projects in sectors such as infrastructure, energy, tourism, and agriculture.
Kreston Indonesia
Hendrawinata Hanny Erwin & Sumargo (HHES) also known as Kreston Indonesia, is the Indonesian member of Kreston Global, one of the largest accounting networks in the world. Founded in 1992 by chairman Hendra Winata, HHES has evolved from one Partner’s firm into a firm with more than 23 Partners and Directors supported by a dedicated team of more than 300 professionals.
Headquartered in Jakarta, HHES has three regional offices in the major cities of Medan, Surabaya and Batam offering wide range of services including Audit & Assurance, Advisory, Outsourcing, IT consulting and Corporate & Personal Tax services.
Kreston Indonesia, as a Top 10 accounting firm in Indonesia, provide professional services to local and multinational companies, State Owned Enterprise, and Public Listed Companies from the Pharmaceutical, Plantation, Mining, Manufacturing and Hospitality industries.
Kreston Indonesia and Kreston Menon have agreed to support their clients and potential investors to explore the vast investment and business opportunities available in both countries.
Kreston Asia Pacific Conference 2023
Strengthening collaboration between Kreston Global’s member firms in the dynamic Asia Pacific Region is the key agenda that will be addressed at the 2023 Kreston Asia Pacific Conference in Bali from July 27-29, 2023. Kreston Indonesia is honored to be the host of the first in-person conference in this dominant region since 2019.