Canada Indonesia trade agreement a positive step for soy industry

Ottawa, ON – Soy Canada is very pleased to see Canada and Indonesia formally sign the Canada‑Indonesia Comprehensive Economic Partnership Agreement (CIEPA) yesterday. This formalized trade agreement marks a major step forward for the Canadian agri-food sector, and more specifically the soybean industry, offering both competitive access and stability in what is already a substantial and dynamic market.

“As representatives of Canada’s soybean sector, we’ve been advocating for this agreement. Not just to open doors, but to share the quality and value of our soy value chain with such a promising market,” said Brian Innes, Executive Director of Soy Canada. “We commend the leaders on taking this decisive action, and we look forward to seeing the agreement implemented through Parliament as soon as possible.”

Indonesia is already among Canada’s most important export markets for soybeans and represents the fifth largest soybean export market for Canadian soy. Currently, soybean exports to Indonesia total 265,000 tonnes, representing a $200 million market.

Indonesia’s demand for Canadian soybeans has been steadily rising, making it a growing market with significant potential. This new trade agreement will be especially important for competitive access and market stability. Innes notes two Soy Canada delegations have already visited Indonesia this year, meeting with buyers and food manufacturers to promote the value of Canadian soybeans.

“Canadian soy represents quality, sustainability and trusted performance in world markets. With this agreement, we are sending a clear message that Canada is ready to compete, ready to collaborate, and ready to deliver to countries like Indonesia that value what we produce,” said Innes.

Soy Canada is a national value-chain organization for the soybean sector, including seed companies, growers, exporters, and processors. Created in 2014, we provide industry leadership on issues affecting the growth and profitability of the soybean sector, coordinate research efforts across the value chain and across the country, as well as lead on market access and market development efforts. Canada is a global leader in producing high quality, sustainable and trusted soybeans for world markets. Soybeans are among the top three most valuable crops in Canada, with 70% of production exported each year.