JAKARTA - Indonesia and China signed an Approval for Expansion and Deepening of Economic and Further Bilateral Cooperation and Trade on the sidelines of the G20 Summit.
The agreement is also called the Agreement Between the Government of the Republic of Indonesia and the Government of the People s Republic of China on Further Expanding and Deepening Bilateral Economic and Trade Cooperation (BETC).
"The signing of the BETC that I just signed with Minister Wang Wentao marks a new chapter in efforts to increase cooperation between Indonesia and China," said Trade Minister Zulkifli Hasan in his statement in Jakarta, quoted from Antara, Thursday, November 17.
The signing was carried out directly by Zulkifli and Chinese Trade Minister Wang Wentao, witnessed by Indonesian President Joko Widodo and Chinese People's Republic President Xi Jinping.
The Trade Minister conveyed that the update of the BETC Agreement this year shows clear evidence of the commitment of the two countries to optimize market potential as well as expand areas of economic cooperation, trade, and bilateral investment.
"In addition, BETC also serves as the umbrella for the establishment of the Joint Commission for Economic and Trade Cooperation," said Trade Minister Zulkifli Hasan.
BETC is the legal umbrella for economic cooperation and trade between Indonesia and China. The two countries agreed to renew this BETC Agreement because the previous BETC agreement expired in April 2021.
The Trade Minister believes that the BETC update will be useful for further improving the trade and economic performance of the two countries. He also believes that discussion efforts within the framework of the BETC will be a forum for overcoming various trade issues that are considered to affect the smooth running of trade between the two countries.
China is Indonesia's number one trading partner in terms of exports and imports. In the January period of September 2022, the value of Indonesia's exports to China reached 46.88 billion US dollars.
This value increased 28.87 percent from the same period the previous year. The value of Indonesia's imports from China reached 50.67 billion US dollars, an increase of 28.33 percent.
Meanwhile, Indonesia's total trade in 2021 reached US$109.99 billion, an increase of 54 percent compared to 2020.
Indonesia's exports to China in that period amounted to 53.76 billion US dollars, and Indonesia's imports from China amounted to 56.22 billion US dollars.
With the signing of the BETC approval, Zulkifli hopes that the value of trade and economic cooperation between the two countries that have been running well will continue to increase.
"I believe the signing of this agreement can further strengthen cooperation between the two countries and be able to have a positive impact on the economy of Indonesia and China," concluded the Minister of Trade.
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