Indonesia, Japan discuss regional economic development
Indonesia appreciated Japan's desire to discuss the 'Asia Japan Investing for Future Initiative', Indonesian Minister of Trade Muhammad Lutfi said during his recent meeting with Japanese Minister of Economy, Trade and Industry Hagiuda Koichi.
Indonesian Minister of Trade, Muhammad Lutfi (R) shakes hands with Japanese Minister of Economy, Trade and Industry Hagiuda Koichi after a meeting in Thailand (Photo: Indonesian Ministry of Trade)
Jakarta (VNA) – Indonesia appreciated Japan's desireto discuss the 'Asia Japan Investing for Future Initiative', IndonesianMinister of Trade Muhammad Lutfi said during his recent meeting with JapaneseMinister of Economy, Trade and Industry Hagiuda Koichi.
Lutfi said Indonesia welcomed the discussion to prepare thisinitiative for the benefit of the region.
He revealed that there are at least three things that are ofconcern to Indonesia regarding this initiative. These things are related to theexpected results, funding mechanisms, and the planned implementation time.
The Indonesian minister also appreciated Japan's support forthis year's G20 Presidency, hoping that the support will help G20 membercountries generate useful achievements and priority agendas.
Indonesia is finalising the ratification of the RCEP, whichis expected to be completed in the first half of 2022.
In regards to the Indonesia-Japan Economic PartnershipAgreement (IJEPA), Lutfi spoke highly of efforts by the Indonesian and Japanesedelegations to discuss issues that had not yet been agreed upon.
In the first quarter of 2022, the total trade betweenIndonesia and Japan reached 9.98 billion USD. This value grew by 36.43 percentcompared to the same period the previous year which amounted to 7.25billion USD./.
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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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Indonesian Minister of Trade, Muhammad Lutfi (R) shakes hands with Japanese Minister of Economy, Trade and Industry Hagiuda Koichi after a meeting in Thailand (Photo: Indonesian Ministry of Trade) 
