Indonesia for Global Justice (IGJ) shows that Indonesia–EU CEPA negotiations highlight conflicting interests over raw materials. Indonesia enforces export bans on unprocessed minerals to strengthen sovereignty and increase domestic value-added, based on the Minerba Law. Meanwhile, the EU relies on imported minerals and aims to secure supply through its Raw Materials Initiative, pushing Indonesia to remove export restrictions. CEPA provisions risk pressuring Indonesia to liberalize investment, revise national regulations, and weaken state control over natural resources.