"To increase two-way trade and ensure more sustainable and balanced trade, Indonesia is proposing a Preferential Trade Agreement between the two countries, and I ask for Minister Attaf's support," said Minister Retno in a statement received in Jakarta on Wednesday (20/12/2023).
Minister Retno explained that Algeria is one of Indonesia's five main trading partners in Africa. According to him, trade volume between the two countries continues to increase by 15.77 percent every year.
"But the volume of bilateral trade does not yet reflect its true potential," said Retno.
One of the efforts made to improve trade relations between the two countries is by signing a Memorandum of Understanding (MoU) on energy and mining cooperation. According to Minister Retno, the MoU will strengthen cooperation between governments as well as promote cooperation and investment between business players.
"We are pleased to be able to sign the MoU on energy and mining cooperation today," he said.
Foreign Minister Retno also said that Indonesia is a good partner for Algeria in the field of energy cooperation. According to him, the state-owned company Pertamina has become a trusted partner for Algeria in the oil and gas industry.
"Therefore, we welcome Pertamina's other investment plans of USD900 million until 2048 in the Algerian energy sector," said Minister Retno.
Minister Retno explained that Pertamina was ready to continue expanding its investment in Algeria, including in new fields such as refineries and decarbonization. He also expressed his hope of expanding economic cooperation beyond the oil sector through various joint projects in the fields of electricity, mining, and renewable energy.
"Minister Attaf also mentioned agriculture, fisheries, and other sectors," he said.
Another matter that was also discussed at the second meeting of the ministers was related to bilateral cooperation mechanisms. Minister Retno explained that Indonesia and Algeria agreed to reactivate bilateral mechanisms between the two countries, including reactivated ministerial joint commission meetings and bilateral consultation forums.
"The joint ministerial commission and bilateral consultations at the senior official level will both be held in Jakarta, Indonesia, in the first half of 2024," said Minister Retno.
Minister Retno added that this mechanism is very important in the two countries' efforts to see progress and overcome challenges in cooperation between Indonesia and Algeria.
