Minister Of Trade Zulkifli Hasan Discusses Trade Cooperation Opportunities With Spain When Meeting Maria Reyes

JAKARTA - Indonesian Minister of Trade Zulkifli Hasan discussed opportunities for trade cooperation with Spain during a meeting with the Minister of Industry, Trade and Tourism of Spain María Reyes Maroto Illera.

The bilateral meeting took place on the sidelines of the G20 Trade, Investment, and Industry Ministerial Meeting (TIIMM) which was held in Nusa Dua, Bali, 21-23 September 2022.

"There is great potential that can be explored to increase trade and investment between the two countries, among others, in the fisheries and tourism sectors," said the Trade Minister in Nusa Dua, Bali, quoted from Antara, Thursday, September 22.

The meeting discussed opportunities for bilateral cooperation in the trade sector, especially in the midst of the current global economic challenges.

The two ministers agreed on the importance of increasing interaction between business actors of the two countries to encourage the optimization of this potential. To that end, Trade Minister Zulkifli Hasan invited Spanish business players to participate in the largest trade exhibition in Indonesia, namely the 37th Trade Expo Indonesia (TEI), which will take place on 19-23 October 2022.

The two ministers also supported that negotiations on the Comprehensive Economic Partnership Agreement (CEPA) between Indonesia and the European Union could be concluded immediately. The agreement is believed to facilitate mutually beneficial economic cooperation between Spain and Indonesia.

Minister of Trade Zulkifli Hasan and Minister Illera discussed the important role of the G20 in finding solutions to address current global challenges. It is believed that the results of the TIIMM G20 Meeting can contribute positively to efforts to recover the global economy.

In January-July 2022, the total trade between Indonesia and Spain reached 1.6 billion US dollars, an increase of 6.71 percent over the same period the previous year.

Meanwhile, the total trade between Indonesia and Spain in 2021 is US$3 billion, up 53.83 percent compared to 2020.

Indonesia's exports to Spain in 2021 amounted to US$2.3 billion (up 55.07 percent), while imports were valued at US$684.1 million (up 49.75 percent). Indonesia recorded a trade balance surplus of US$1.7 billion.

Indonesia's main export commodities to Spain are palm oil, copper ore and concentrates, monocarboxylic fatty acids, steel, and animal or vegetable fats.

Meanwhile, Indonesia's main import commodities from Spain are vaccines for humans and animals, medicines, food coloring, recycled paper or cardboard, as well as perfumes and fragrance liquids.