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Minister of Trade, Muhammad Lutfi. (ANTARA / Screenshot of the Presidential Secretariat Youtube / pri)

Minister of Trade, M Lutfi, has revealed that Indonesia and China are planning to triple bilateral trade from US$31 billion to US$100 billion in the next three years.

"On the occasion of this bilateral meeting, we had the opportunity to talk with our partner, namely the Ministry of Trade of the People's Republic of China (PRC). There are several points that can be given. First is a new target in the next three years in which we will triple the trade between the two countries. Currently, US$31 billion (in trade) will become US$100 billion in 2024,” Lutfi said during an online press conference with Foreign Minister Retno Marsudi and SOEs Minister Erick Thohir in Wuyi, Fujian, People's Republic of China on Friday.

The two countries will also explore a trade cooperation agreement — the Bilateral Economic and Trade Cooperation (BETC) — signed in 2011 to turn it into a Trade and Investment Framework Agreement (TIFA), he added.

"This TIFA will be at a higher level. It is possible that we will discuss deepening the trade activities of the two countries with the Comprehensive Economic Partnership Agreement, or CEPA scheme," he said.During the meeting, the Trade Minister informed, the two sides also discussed low-hanging fruit in order to improve the trade balance between the two countries.

“So, I can report that earlier we agreed on at least five (Chinese) companies that will import swallow's nests from Indonesia for more than US$1.13 billion, and also add exports and investments for furniture products from Shandong Wood and Furniture, with the amount more than US$200 million," he said.

Further, 150 Chinese companies will bring in investment of US$1.38 billion into West Kalimantan and employ more than three thousand workers, he added.

"I would like to express my gratitude to the Minister of Foreign Affairs, Retno Marsudi, because with this cooperation, we will improve not only the trade balance, but also good economic relations between the two countries," Lutfi said//ANT