JAKARTA - The Indonesian government through the Minister of Finance (Menkeu) Sri Mulyani stated that she had reached an agreement to strengthen trade cooperation with India.
The information was conveyed in a written statement during a working visit in the context of a series of meetings at the level of the Minister and Governor of the third G20 Central Bank (3rd G20 FMCBG) under the Indian Presidency.
The Minister of Finance said that the two countries have many similarities and also a long history. Trade between India and Indonesia, especially from Gujarat, had occurred before the 13th century, ranging from agricultural products in the form of spices to clothing and jewelry. The history of this economic relationship became one of the foundations in strengthening bilateral cooperation between the two countries.
Indonesia and India continue to discuss, especially under the two Ministries of Finance, about efforts to build strong dialogue at the policy level, from the highest level to a very technical level. We share many things to meet the domestic development needs of each country, as well as efforts to maintain high economic growth performance, create jobs, reduce poverty, and how to continue working together not only in the bilateral framework but also at multilateral levels," he said Monday, July 17.
The Minister of Finance explained that Indonesia and India have a similar economic structure supported by growth in the manufacturing sector and significant technological developments and innovations. It is stated that the two countries are able to grow strong and have strong resilience in facing challenges both at the regional and global levels.
In bilateral discussions, Minister of Finance Sri Mulyani together with Indian Minister of Finance Nirmala Sitharaman also discussed issues of sustainable development and climate change and public health.
"We will continue to strengthen this bilateral relationship, especially for the two institutions (Ministry of Finance of Indonesia and India), in a policy dialogue that will discuss trade, investment issues, including human resources," he said.
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The Indonesian state treasurer expressed his appreciation for India's support for Indonesia on various agendas, including Indonesia's membership in the Financial Action Task Force (FATF), Indonesia's Presidency at the G20 in 2022, and Indonesia's Chairmanship in ASEAN in 2023.
The Minister of Finance of India also conveyed the same thing that Indonesia has become India's largest trading partner in the ASEAN region, with trade increasing eightfold since 2005, reaching impressive USD38 billion in the 2022-2023 fiscal year. Minister of Finance Nirmala also added that Indonesia's G20 Presidency in 2022 will provide many lessons and experiences for India in carrying out this year's presidency.
"The dialogue between Indonesia and India is an important instrument to strengthen cooperation and increase mutual understanding of economic issues so that it can provide long-term development benefits for both countries," he concluded.
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