Indonesia, Canada strengthen cooperation to boost economic recovery
Indonesian Minister of Trade Muhammad Lutfi has discussed with Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng to further strengthen bilateral cooperation through trade, with emphasis on four major areas.
Jakarta (VNA) – Indonesian Minister of TradeMuhammad Lutfi has discussed with Canadian Minister of International Trade,Export Promotion, Small Business and Economic Development Mary Ng to furtherstrengthen bilateral cooperation through trade, with emphasis on four majorareas.
The meeting was held on the sidelines of the APEC TradeMinisters’ Meeting (APEC MRT) in Thailand’s Bangkok on May 21 – 22.
The four areas include digitalization, health care, equalinvestment opportunities for both developed and developing countries, andinclusive and sustainable development.
In addition to boosting economic recovery, the two sidesalso talked about the negotiation process of the Indonesia-Canada ComprehensiveEconomic Partnership Agreement (ICA-CEPA) and the ASEAN-Canada Free TradeAgreement (ACAFTA).
Indonesia's trade value with Canada in the first threemonths of 2022 stood at 942.66 million USD, an increase of 32.54 percent comparedto the same period in 2021.
In 2021, the bilateral trade totalled 3.1 billion USD.Indonesia's main exports to Canada include natural rubber, sportsuniforms, motorcycle parts, pneumatic tires, and footwear.
Meanwhile, Indonesia's main imports are wheat, fertilizers,wood pulp, soybeans, and iron ore./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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