JAKARTA (TheInsiderStories) – Indonesia and the United Kingdom (UK) agreed to completes the Joint Trade Review (JTR) in December of this year, to improve the economic relations between the two countries, the official said today. This agreement came to light at the second meeting between the two countries was held virtually on July 20 – 21.
“This meeting is a testament to the strong commitment of the two countries to improve trade and investment relations. The pandemic and the uncertain global economic situation are increasingly pushing the two countries to strengthen cooperation to overcome the challenges while preparing for a closer long-term partnership, “said director general at trade ministry, Iman Pambagyo, in his press statement on Tuesday (07/21).
Last year, Indonesian and British governments signed the Terms of Reference of the JTR. The two countries with the largest economies and members of Group 20 have the opportunity to renew and develop the stronger economic ties between the two.
Trade Review is a collaboration between Indonesia and the UK to assess the current condition of our bilateral trade and investment relations, and look for possible opportunities to enhance bilateral cooperation for the future. This review will produce a joint report which will include recommendations for the two governments.
Pambagyo explained, Britain was ranked 22nd of Indonesia’ export destination countries, and 23rd in the country of origin of Indonesia’ imports. The total value of Indonesia’s trade with the United Kingdom in 2019 is valued at US$2.4 billion.
The value of Indonesia’ exports and imports to the UK were recorded at $1.4 billion and $1.0 billion, respectively. Meanwhile, the country’ investment value to Indonesia was valued at $87.6 million last year.
Indonesia and the United Kingdom signed the terms of references to conduct a JTR between the two countries on Oct. 16, 2019. The signing was carried out by the United Kingdom after leaving the European Union so that relations with Indonesia that have been established can be continued and even improved.
After Britain declared its exit from the bloc, the country led by Queen Elizabeth began conducting bilateral explorations with various countries, including Indonesia. In contrast, the country with the largest economy in Southeast Asia intends to finalize various trade agreements to encourage exports and state revenue.
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