"(The European Union) offers an opportunity that could be developed, especially in the economic field, to come out of the trap of the US-China trade war," Handi Risza, the PKS secretary for economic, financial, and industrial affairs, noted in a press statement here on Wednesday.
According to Risza, Europe is one of the influential investors in Indonesia, so the opportunity should be utilized by the Indonesian government.
He also believes that the phenomenon of the ups and downs faced by the EU in the field of economics can serve as a lesson for the Indonesian nation.
"Economically, they have experienced a tremendous crisis but are now in the process of recovery, so we need to take a cue from this," he noted.
According to the PKS, international cooperation in the economic field is a necessity, and the most important aspect is that such cooperation must be mutually beneficial and be consistent with principles and justice.
Indonesia`s trade with the United States and China continues to increase, although both countries are experiencing the phenomenon of trade war by raising several tariffs.
"Trade continues to rise despite trade wars (between China and the United States)," Head of the Central Statistics Agency (BPS) Kecuk Suhariyanto remarked in Jakarta, Monday (June 25).
Based on data from the BPS, the value of non-oil exports to the People`s Republic of China in May 2018 amounted to US$278.9 million, up 15.37 percent as compared to that in April 2018.
The value of non-oil and gas exports to the United States amounted to $143.4 billion, up 10.03 percent in May 2018 as compared to that in April 2018.
In the January-May 2018 period, China remained Indonesia`s largest export destination, with a value of $10.24 billion, up 15.05 percent year-on-year (y-o-y), followed by the United States, at $6.87 billion, or an increase of 10.91 percent (y-o-y).
As proclaimed, US stock prices fell on Thursday (June 21), with the Dow Jones index slumping for an eighth consecutive day after industrial stocks took a beating over fears of a trade war.
Reporter: Muhammad Razi Rahman
Editor: Otniel Tamindael
Copyright © ANTARA 2018
