Indonesia, UK to complete joint trade review this December
Indonesia and the United Kingdom (UK) agreed to complete the Joint Trade Review (JTR) this December to improve the economic relations between the two countries, an Indonesian official said on July 21.
An overview of Indonesia's capital Jakarta (Source: Asialink)
Jakarta (VNA) – Indonesia and the United Kingdom (UK) agreed to complete the JointTrade Review (JTR) this December to improve the economic relations between thetwo countries, an Indonesian official said on July 21.
This agreementcame to light at a meeting between the two countries held virtually on July 20– 21.
The meeting was a testament to the strong commitment of the two countries to improving trade andinvestment relations, said Iman Pambagyo, Director General for InternationalTrade Negotiation at the Indonesian Ministry of Trade.
The pandemicand the uncertain global economic situation are increasingly pushing the twocountries to strengthen cooperation to overcome the challenges while preparingfor a closer long-term partnership, Pambagyo said in a statement.
Last year, thetwo governments signed the Terms of Reference of the JTR. The two countries, which are major economies and members of Group 20, have the opportunity torenew and develop the stronger economic ties.
The JTR is acollaboration between Indonesia and the UK to assess the current condition oftheir bilateral trade and investment relations, and look for possibleopportunities to enhance bilateral cooperation for the future, the officialremarked. This review will produce a joint report including recommendations for the two governments.
Pambagyo saidthe UK was ranked 22nd among Indonesia’ export destination countries, and 23rd among its importers. Last year’s two-way trade wasvalued at 2.4 billion USD, of which Indonesia’s exports to the UK stood at 1.4billion USD.
Meanwhile, theUK’s investment into Indonesia totalled 87.6 million USD.
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An overview of Indonesia's capital Jakarta (Source: Asialink) 
