In a statement, Minister Retno Marsudi said Japan would give wider access to Indonesian products including waiving tariffs for fishery-processed products. The two also would improve the relations in the banking sector.
According to Retno Marsudi, the two nations expected the Indonesia-Japan Economic Partnership Agreement (IJEPA) could immediately be implemented in the first quarter of 2024. However, the agreement needed to be signed and ratified officially by each parliament after legal points examination.
Minister Marsudi's statement was given after President Joko Widodo held a bilateral meeting with Japan's Prime Minister Fumio Kishida amid the Tokyo Summit which marked the 50th anniversary of Japan and ASEAN relations.
In the meeting with Prime Minister Kishida, Indonesian President Joko Widodo highlighted the importance of Jakarta and Tokyo's agreement on important mineral production that is owned by Indonesia. This was in line with the effort of Indonesia to put itself as a main player in the global electric vehicle battery supply chain.
Besides, Japan would also give a patrol ship to Indonesian coast guards worth 9 billion yen or almost 1 trillion rupiahs. This aimed to help Indonesia in building maritime capacity.
Indonesia and Japan also built more intensive relations in public transport. President Joko Widodo received a guarantee from Japan to continue MRT Jakarta for the East-West line during a bilateral meeting with Prime Minister Kishida in Tokyo on Saturday (16/12).
Good relations between Indonesia and Japan in various sectors, especially the economy, have been nurtured for more than half a century. Onwards, it is expected to keep improving with a principle of mutual benefit.