VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

VOINews, Jakarta - Director General of International Trade Negotiations of Trade Ministry Djatmiko Bris Witjaksono witnessed the signing of three business-to-business (B2B) memoranda of understanding (MoUs) between four Indonesian companies and four Australian importers worth US$3.6 million.

The inking of the MoUs is part of a series of business luncheon agendas with the State Government of New South Wales (NSW) in Sydney, Australia, on Monday (July 3) local time.

"This time, three memoranda of understanding worth US$3.6 million will be signed. It is hoped that the signing will improve economic relations between Indonesia and Australia and contribute to non-oil and gas export performance," Witjaksono noted in a written statement in Jakarta on Tuesday.

According to Witjaksono, the signing of several MoUs is an important step in developing economic and trade cooperation that had yet to be worked out between the two countries.

Australia is considered to be a strategic partner of Indonesia and the ASEAN. The two countries are also geographically close. Nonetheless, there is still potential for cooperation between both nations that should be improved.

"It is hoped that these memoranda of understanding can be the starting point for the emergence of strong collaboration, to create business opportunities and improve welfare for the people of Indonesia and Australia," Witjaksono stated.

Furthermore, Indonesia and Australia share important economic relations. In 2022, the value of bilateral trade between the two countries had reached US$13.3 billion. The value is the highest in history.

Business actors and the public need to take full advantage of the existing trade agreements, such as the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA CEPA), the ASEAN-Australia-New Zealand Free Trade Agreement (FTA), and the Regional Comprehensive Economic Partnership (RCEP).

"Trade and investment between Indonesia and Australia will develop more if we can make the most of these agreements. For this reason, I encourage the Australian business community to collaborate with Indonesia," he remarked.

Meanwhile, Canberra Trade Attaché Agung Haris Setiawan stated that several MoUs that were signed were the initiation of the Canberra Trade Attaché and the Sydney Indonesian Trade Promotion Centre (ITPC).

This is also one of the concrete steps in the implementation of the IA-CEPA negotiations that have been in effect since July 5, 2020.

"We, the trade representatives, especially those in Australia, will always try to take steps that can encourage exports of Indonesian products. The signing of the memoranda of understanding today is a concrete form of effort to increase Indonesia-Australia trade relations," Setiawan remarked. (Antaranews)