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)
Jakarta(VNA) – Indonesia and the UK have completed a Joint Trade Review and inked amemorandum of understanding (MoU) on the formation of the Joint Economic andTrade Committee (JETCO).
British Ambassador toIndonesia Owen Jenkins on April 27 said the establishment of JETCO aims tofoster bilateral trade, boost cooperation, and discuss market barriers in areassuch as renewable and green energy, food and beverages, and agriculturalcommodities.
Through the MoU, theUK will support the Indonesian government with a competitive long-term financein the delivery of its development objectives.
British Secretary ofState for International Trade Liz Truss said by 2050, Indonesia is predicted tobe one of the top five economies globally.
The agreement sets outthe UK’s ambitions to strengthen bilateral trade and investment ties, shenoted, adding that it deepens the countries’ collaboration across a range ofsectors and open new markets for British businesses.
The UK also wants tostrengthen trade links with like-minded countries like Indonesia who share thesame belief in democracy and the international rules-based system, and helpstrengthen dynamic partnerships with ASEAN, Truss added.
British TradeCommissioner for Asia Pacific Sam Myers said that this MoU is an important stepfor deepening the UK’s trading ties with Indonesia, ASEAN’s largest economy.
It will create aformal mechanism to address business opportunities and challenges at seniorlevels of government, and kick-start sector-specific discussions in ninepriority areas.
Indonesia is now the16th largest economy of the world determined by the GDP and the 52nd leadingtrade partner of the UK. Meanwhile, the UK is the sixth-largest economy and thesecond major European investor of Indonesia./.
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At the signing ceremony (Photo: pressrelease.kontan.co.id)
