On Monday, the UK and Indonesia agreed to form a new Joint Economic and Trade Committee to bolster existing trade and investment between both nations, following the opening round of new trade talks.
UK-Indonesia trade, which was worth over £3 billion in 2019, will benefit from the new trade dialogue which will also promote and develop further investment and economic cooperation between both countries and look to circumvent existing market barriers.
Indonesia is a major trading partner for the UK, forming part of the G20 and boasting the largest economy in southeast Asia.
The new committee is the result of a Joint Trade Review carried out by the governments of both countries over the last 18 months, which explored ways to increase trade and investment between the nations and identify sectors of specific trading interest. The review highlighted education and training, financial and professional services, healthcare and life science, food and drink, agriculture, renewables and green energy as specific industries of focus.
UK international trade secretary Liz Truss commented: “By 2050 Indonesia is predicted to be one of the top five economies globally. Today’s agreement sets out our ambitions to strengthen our trade and investment ties, deepen our collaboration across a range of sectors, from financial services and technology to renewables and open new markets for UK businesses.
“We want to strengthen trade links with like-minded countries like Indonesia who share our belief in democracy and the international rules-based system and help strengthen Global Britain’s dynamic partnerships with ASEAN and Southeast Asia.”
A Memorandum of Understanding between the nations has also been signed by Truss and her counterpart, Indonesian minister of trade Muhammad Lutfi, which summarises the findings of the Joint Trade Review and serves as a commitment from both countries to engage in further trading cooperation and actively seek to remove market barriers in key sectors.
The joint statement from both countries following the conclusion of the Joint Trade Review may be read here.