RI - India Chase Trade Agreement, Cross-Border QR Payment to be discussed

President Prabowo Subianto welcomed the arrival of PM Narendra Modi. (Photo: Cahyo - Presidential Secretariat Press Office)

JAKARTA - Indonesia and India place the economy as one of the main pillars of bilateral relations. President Prabowo Subianto said the two countries are committed to significantly increasing trade through accelerating the discussion of the Indonesia-India Trade Agreement.

Prabowo conveyed this in a joint statement with Indian Prime Minister Narendra Modi at the Merdeka Palace, Jakarta, Tuesday, July 7.

"Both countries view economic cooperation as one of the main pillars of bilateral relations," said Prabowo.

According to Prabowo, Indonesia and India will also review the increase or upgrading of the ASEAN-India Trade in Goods Agreement. This step is aimed at opening up a larger trading space for the two countries.

"For this reason, we are committed to significantly increasing bilateral trade through accelerating the discussion of the Indonesia-India Trade Agreement and reviewing the increase in the ASEAN-India Trade in Goods Agreement," said Prabowo.

In addition to trading goods, the two countries also discussed the financial sector. Prabowo welcomed the progress of discussions on a QR-based cross-border payment system between Indonesia and India.

The QR-based cross-border payment system allows transactions to be carried out more easily by scanning a QR code. If it works, this system can help tourists, business actors, and daily transactions across countries.

Prabowo said that the system is expected to increase transaction efficiency and strengthen the resilience of the financial sector.

"To strengthen cooperation in the financial sector, we welcome the progress in discussing a QR-based cross-border payment system between Indonesia and India," said Prabowo.

Economic cooperation also extends to the energy sector. Prabowo said Indonesia and India encouraged cooperation in energy security, including the development of solar power plant projects, technology exchange, and increased nuclear technology capacity.

In the midst of an unstable global situation, economic cooperation like this is important. Trade, digital payments, solar energy, and nuclear technology are included in a large package of more practical Indonesian-Indian relations.

Prabowo said that all agreements were expected to be implemented immediately to provide real benefits for the people of both countries.

"We believe that these agreements can be implemented immediately so that they provide real results and benefits for the people of both countries," said Prabowo.