UK and Indonesia to Complete Joint Trade Review in December

JAKARTA, KOMPAS.com - Indonesia and the United Kingdom are set to step up bilateral trade and investment as officials from both trading partners agreed to complete their bilateral Joint Trade Review by December 2020. 

“The Covid-19 pandemic and the uncertain global economy have pushed [Indonesia and the UK] to accelerate [the Joint Trade Review],” said senior trade ministry official Imam Pambagyo in a statement to Kompas.com on Wednesday, July 22.

“The meeting on the Joint Trade Review reflect the wish of both countries to bolster ties in trade and investment,” he said following the conclusion of their virtual meeting on the review process July 20-21.

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Imam added that delegates from both countries discussed their economic policies and identified various potential sectors and possibilities for economic cooperation.

“We will further explore these fields by consulting with [business] movers from both countries,” Imam noted of the Joint Trade Review talks, which are conducted by the Trade Ministry on the Indonesian side and the UK government’s Department of International Trade.

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“Input from business movers [from both countries] are vital in completing the Joint Trade Review. After all, they know the conditions on the ground, especially in relation to the policies adopted by [the UK and Indonesia], and business opportunities that can increase the volume of trade.”

Imam hoped that the Joint Trade Review can help map out trade and investment relations.

“The Joint Trade Review can, among other things, identify main and potential fields for trade [between the UK and Indonesia], and draw up policy recommendations for both governments,” he said.

According to Statitstics Indonesia, trade between Indonesia and the UK was worth $2.4 billion in 2019. Indonesian exported $1.4 billion in goods to the UK and imported $1 billion in goods from the UK.

British companies also have $87.6 million worth of investments in Indonesia. 

(Writer: Yohana Artha Uly | Editor: Yoga Sukmana)

Source:

https://money.kompas.com/read/2020/07/22/120000826/indonesia-inggris-sepakat-selesaikan-kajian-perdagangan-tahun-ini.