Opening
This regulation, issued by the President of Indonesia, ratifies the Comprehensive Economic Partnership Agreement (CEPA) between the Government of the Republic of Indonesia and the Government of the United Arab Emirates, signed on July 1, 2022. The CEPA aims to enhance trade relations and economic cooperation between the two nations, contributing to national economic growth and public welfare.
Who is affected
The regulation primarily affects businesses and investors engaged in trade and economic activities between Indonesia and the United Arab Emirates. This includes sectors such as manufacturing, services, and trade, as well as foreign investors looking to establish or expand operations in Indonesia or the UAE.
Key obligations and rights
- Pasal 1 (1) confirms the ratification of the CEPA, which is essential for its implementation.
- Pasal 1 (2) states that the original texts of the CEPA in Indonesian, English, and Arabic are integral parts of this regulation, ensuring that all parties are aware of the terms in their respective languages.
- The regulation emphasizes the importance of trade as a driver of national economic growth, as noted in the considerations leading to its issuance.
Definitions worth knowing
- Persetujuan Kemitraan Ekonomi Komprehensif (Comprehensive Economic Partnership Agreement): A formal agreement aimed at enhancing economic cooperation and trade between two countries.
- Pemerintah Republik Indonesia (Government of the Republic of Indonesia): The central government authority in Indonesia responsible for national policies and regulations.
- Pemerintah Persatuan Emirat Arab (Government of the United Arab Emirates): The governing body of the UAE, responsible for its national affairs.
Effective date, transitional provisions, what it replaces or amends
The regulation takes effect on the date of its promulgation, which is July 12, 2023. It does not explicitly replace or amend any previous regulations but serves to formalize the CEPA.
Interactions with other regulations
The regulation references the 1945 Constitution of Indonesia and Law No. 24 of 2000 concerning International Agreements, indicating that it aligns with existing legal frameworks governing international treaties and agreements in Indonesia.