Trade Minister Zulhas: ASEAN-India Agree To Maintain Economic And Financial Stability

Minister of Trade Zulkifli Hasan. (Photo: Doc. ANTARA)

JAKARTA - Trade Minister Zulkifli Hasan said there were four focuses of the strategic partnership area agreed at the ASEAN-India 20th Summit. One of them is related to food security.

"I accompanied the President of the Republic of Indonesia at the ASEAN Summit meeting with India. There are four focuses of the agreed strategic partnership area, namely food security, maritime cooperation in support of the ASEAN-Indo Pacific Forum and the implementation of the ASEAN Outlook on Indo-Pacific, economic stability, and global finance through the Presidency of India at the G20," he said in an official statement, Friday, September 8.

Zulhas, Zulkifli Hasan's nickname, explained that the meeting also discussed the ASEAN-India Goods Trading Agreement (ASEAN-India Trade in Goods (AITIGA).

Currently, the agreement regarding the establishment of a free trade area for trading goods between ASEAN member countries is being reviewed.

It is hoped that the results of the review can reduce obstacles while facilitating trade between the two regions. In 2022, the total ASEAN-India trade value will be 113 billion US dollars," he said.

At the meeting, continued Zulhas, it was also agreed to increase ASEAN and India connectivity.

In addition, both parties need to encourage economic and digital financial cooperation to facilitate the business world, including encouraging cooperation in cybersecurity and the center of excellence.

"Later customs and others between ASEAN and India can be connected digitally," he added.

Zulhas also revealed that India is Indonesia's main trading partner. In the January-June 2023 period, Indonesia and India's total trade was recorded at 15.81 billion US dollars.

In this period, Indonesia's exports to India were recorded at 11.23 billion US dollars and Indonesia's imports from India were recorded at 4.58 billion US dollars.

Meanwhile, in 2022, the total trade between the two countries was recorded at 32.70 billion US dollars with the value of Indonesia's exports to India being recorded at 23.37 billion US dollars, and Indonesia's imports from India were recorded at 9.33 billion US dollars.

Thus, Indonesia enjoyed a surplus of 14.04 billion US dollars.

Indonesia's export products to India are coal, palm oil, copper and steel. Indonesia's imports from India are sugar, vehicles, grains.

India is the main partner in trade and most importantly for us. India is a large country with the current population number one. Its economic growth is also very fast, reaching 8 percent. In addition, Indonesia's trade has a surplus against India. So we must maintain and strengthen relations with India," he concluded.