Indonesia, UK set up joint economic and trade committee
Indonesia and the UK have completed a Joint Trade Review and inked a memorandum of understanding (MoU) on the formation of the Joint Economic and Trade Committee (JETCO).
At the signing ceremony (Photo: pressrelease.kontan.co.id)British Ambassador to Indonesia Owen Jenkins on April 27 said the establishment of JETCO aims to foster bilateral trade, boost cooperation, and discuss market barriers in areas such as renewable and green energy, food and beverages, and agricultural commodities.
Through the MoU, the UK will support the Indonesian government with a competitive long-term finance in the delivery of its development objectives.
British Secretary of State for International Trade Liz Truss said by 2050, Indonesia is predicted to be one of the top five economies globally.
The agreement sets out the UK’s ambitions to strengthen bilateral trade and investment ties, she noted, adding that it deepens the countries’ collaboration across a range of sectors and open new markets for British businesses.
The UK also wants to strengthen trade links with like-minded countries like Indonesia who share the same belief in democracy and the international rules-based system, and help strengthen dynamic partnerships with ASEAN, Truss added.
British Trade Commissioner for Asia Pacific Sam Myers said that this MoU is an important step for deepening the UK’s trading ties with Indonesia, ASEAN’s largest economy.
It will create a formal mechanism to address business opportunities and challenges at senior levels of government, and kick-start sector-specific discussions in nine priority areas.
Indonesia is now the 16th largest economy of the world determined by the GDP and the 52nd leading trade partner of the UK. Meanwhile, the UK is the sixth-largest economy and the second major European investor of Indonesia./.
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