The UK and Indonesia have today (Monday 26) concluded the
first round of exploratory trade talks and committed to
further strengthening our £3 billion trade and investment
links through a new joint trade dialogue.
The new Joint Economic and Trade Committee (JETCO) will
help promote and develop trade, investment and economic
cooperation ties and address market access barriers
affecting UK businesses trading with Indonesia.
Today’s announcement follows a Joint Trade Review (JTR)
which was carried out by the UK and Indonesian governments
over the last 18 months to explore opportunities to
increase trade and investment in each other’s countries and
identify priority sectors to deepen our trading
relationship.
The JTR identified nine key sectors for enhanced
cooperation, including education and training, financial
and professional services, healthcare and life science,
food and drink, agriculture, renewables and green energy.
The International Trade Secretary, and
Indonesia’s Minster of Trade, Muhammad Lutfi, have today
also signed a Memorandum of Understanding. As well as
establishing the JETCO, it highlights the findings of the
Joint Trade Review and commits to further collaboration in
a number of areas, including, the establishment of a
dialogue to resolve market access barriers in areas such as
renewable energy and food and drink.
Indonesia is a key partner for the UK, as a fellow member
of the G20 and the largest economy in South East Asia, with
total trade between the two sides worth over £3 billion in
2019.
The International Trade Secretary, said:
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.
Her Majesty’s Trade Commissioner for Asia Pacific, Sam
Myers said:
This MoU is an important step for deepening the UK’s
trading relationship 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.
We are already having productive engagement with
businesses on renewable energy and green growth, and food
and beverage products – creating new prospects for joint
partnership and prosperity.
