JAKARTA - Indonesia and Malaysia both view the role of the Joint Committee for Trade and Investment (JTIC) Indonesia-Malaysia in improving trade relations between the two countries.
The Indonesian Minister of Trade (Mendag) Budi Santoso said the joint committee was one of the instruments to explore various trade opportunities and investments in Indonesia and Malaysia. To support this, Indonesia is ready to host the 4th JTIC meeting in 2025.
"Indonesia and Malaysia view the important role of JTIC Indonesia-Malaysia as a bilateral forum between the two countries to discuss trade and investment issues. We also convey to the Minister of Investment, Trade, and Malaysian Industry Tengku Datuk, the Main Series, Zaprul Bin Tengku Abdul Aziz Indonesia, ready to host the 4th JTIC implementation," Budi said as quoted by ANTARA, Monday, January 27.
Dalam pertemuan, kedua menteri yang dilakukan di Malaysia, Minggu (26/1), juga dibahas berbagai upaya yang dapat dilakukan untuk meningkatkan perdagangan antara Indonesia dan Malaysia.
Indonesia and Malaysia will also strengthen collaboration to overcome trade barriers for export commodities of the two countries.
On the other hand, Minister Zafrul invited the Minister of Trade Busan at the ASEAN Economic Ministers' Retreat Meeting (ASEAN Economic Ministers/AEM Retreat) in February in Johor, Malaysia.
Trade Minister Busan said that Indonesia supports Malaysia's Priority Economic Deliverables (PED) at its chairmanship in ASEAN in 2025.
In the January-November 2024 period, the total trade between the two countries was 21.1 billion US dollars. Indonesia's exports to Malaysia amounted to 10.9 billion US dollars and Indonesia's imports from Malaysia were 10.1 billion US dollars, while Indonesia's trade surplus was 800 thousand US dollars against Malaysia.
In 2023, Malaysia is the 6th export destination and the 5th source of imports for Indonesia. The total trade between the two countries reached 23.2 billion US dollars.
Indonesia's exports to Malaysia were 12.5 billion US dollars, while Indonesia's imports were 10.8 billion US dollars in Malaysia. Indonesia recorded a surplus against Malaysia of 1.7 billion US dollars.
The growth in the trade value of the two countries in the last five years (2019-2023) reached 13.8 percent. For 2023, Indonesia's main non-oil and gas export commodities to Malaysia, among others, mineral fuels, vegetable and animal fats and oils, vehicles, iron and steel, and copper.
On the other hand, Indonesia's main non-oil and gas import commodities from Malaysia, including nuclear reactors, cassers, machinery and mechanical equipment; plastic; machinery and electronic equipment; organic chemicals; as well as iron and steel.
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