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Indonesia, UK hold 2nd JETCO meeting to boost bilateral trade

22 Jul '23
2 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Indonesia and the UK yesterday held the second Joint Economic and Trade Committee meeting to boost bilateral trade, worth £3.5 billion a year and up by 33 per cent in current prices last year on the previous year.
  • Both sides agreed to set up a working group on digital economy and develop renewable energy opportunities—two areas of key interest for UK firms.
Indonesia and the United Kingdom yesterday held the second Joint Economic and Trade Committee (JETCO) meeting to boost bilateral trade, worth £3.5 billion a year.

UK minister for international trade Nigel Huddleston and Indonesia's vice minister of trade Jerry Sambuaga agreed to establish a working group on digital economy and develop renewable energy opportunities—two areas of key interest for UK businesses, an official UK government release said.

Indonesia's economy is projected to reach the world's top ten by 2035 and turn the seventh largest by 2050. JETCO was launched in 2022 to help promote and develop trade.

“The UK is the second largest exporter of services in the world and the majority of these were delivered by digital means. Easing digital trade could unleash growth in UK services exports, already worth £658 million to Indonesia last year,” Huddleston said.

In discussions today, Minister Huddleston also highlighted opportunities for increased collaboration in areas such as food and drink, agriculture, education services, Indonesia's energy transition, legal services and fintech.

“Indonesia's increasingly tech-savvy population and a growing middle class make it an incredibly attractive market for UK businesses. The UK-ASEAN Business Council [UKABC] is committed to supporting the growth of the UK-Indonesia trading relationship, by working with both governments to promote the tremendous number of trade and investment opportunities it has to offer,” UKABC chair Edward Henry Butler Vaizey said.

UKABC provides awareness on the latest opportunities in the region and facilitates trade and investment content delivery for UK companies looking to expand their operations into markets across Southeast Asia.

Annual bilateral trade between the UK and Indonesia is growing, with trade up by 33 per cent in current prices last year on the previous year.

ALCHEMPro News Desk (DS)

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