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Home arrow Latest News arrow Indonesia and Britain Agree to Study Review Road Maps


				
			
			
Indonesia and Britain Agree to Study Review Road Maps PDF Print E-mail
Written by Maizer   
Monday, 21 October 2019

The Director General of International Trade Negotiations at the Indonesian Ministry of Trade, Imam Pambagyo, and the UK Trade Commissioner for Asia Pacific, Natalie Black, signed the Terms of Reference (TOR) of the Indonesia-UK Trade Review.

 

The signing was witnessed by the Indonesian Minister of Trade (Mendag), Enggartiasto Lukita, on the sidelines of the 2019 Trade Expo Indonesia at ICE BSD City, Wednesday, October 16, 2019.

 

"The implementation of this study aims to mapping current trade and investment relations between the two countries and identify key and potential sectors that can be improved. In addition, this study also aims to compile a road map containing future policy recommendations, "said the Minister of Trade.

 

The Trade Study will be jointly conducted by the Ministry of Trade of the Republic of Indonesia and the UK Department of International Trade by involving stakeholders, including intensive consultations and business actors.

 

After this signing, the two countries agreed on the first meeting planned for December 9, 2019 in London, England. Both countries are targeting completion of reports and recommendations within 12 months after the meeting. Reports and recommendations will be submitted to the Ministers of Trade of each country.

 

"The signing of the Terms of Reference today indicates the strengthened trade and investment relations between the two countries. Both countries consider bilateral relations important between Indonesia and the United Kingdom. As a member of the G20, Indonesia and the UK have the opportunity to renew and improve economic relations, "said Iman.

 

Based on BPS data processed by the Ministry of Trade, the total trade between Indonesia and the UK in 2018 will reach US $ 2.7 billion. Of this value, Indonesia's exports were recorded at US $ 1.5 billion, while imports amounted to US $ 1.2 billion.

 

Indonesia experienced a surplus of US $ 0.3 billion. Indonesia's main exports to Britain in 2018 are footwear with a leather upper part; carpenter workshops and carpentry; footwear with upper textile material; electric accumulator; and plywood. While Indonesia's main imports from the UK are iron waste and scrap; motor vehicle; waste and scrap used; drugs; and telephone devices.

 
		
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