Indonesia organizes int'l seminar on strengthening economic diplomacy

Indonesia organizes int'l seminar on strengthening economic diplomacy

An international seminar on the strategy to improve Indonesia's economic diplomacy with the Pacific Alliance held in Nusa Dua, Bali, Thursday. (Documentation the Indonesian Foreign Ministry/Su)

Jakarta (ANTARA) - The Indonesian Foreign Ministry held an international seminar on a strategy to deepen Indonesia's economic diplomacy with the Pacific Alliance in Nusa Dua, Bali, Thursday.

The seminar, held by the foreign ministry's Center for the Assessment and Development of Policies, was targeted at furthering economic diplomacy to spur economic growth that will positively impact the people and facilitate the realization of a self-reliant national economy in the context of the Pacific Alliance, the ministry noted in a press statement, released on Thursday.

The seminar witnessed the congregation of ambassadors from Pacific Alliance nations comprising Chile, Columbia, Mexico, and Peru and potential associate members constituting Australia, Canada, New Zealand, and Singapore.

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The Pacific Alliance economy, currently ranking seventh, is expected to climb two spots to fifth position in the global economy in 2020.

The Pacific Alliance, with a total population of 217 million, has per capita gross domestic product of over US$17,500.

Pacific Alliance nations are also open to joint ventures, investment, entrepreneurship, and innovations in varied fields.

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On the basis of the World Bank's Ease of Doing Business index, four Pacific Alliance nations have good business environment in Latin America.

Indonesia's exports to Pacific Alliance nations increased 15 percent to $1.43 billion in 2017, from $1.24 billion in 2016, while its imports from the region swelled 27.7 percent in 2017 to reach $418.7 million, from $327.8 million in 2016.

On the whole, Indonesia recorded a surplus of $915.2 million in 2016 and $1.01 billion in 2017 in its trade with Pacific Alliance nations.

The seminar is expected to draw focus on the obstacles, risks, opportunities, and potentials to capitalize on the Pacific Alliance through a proper economic diplomacy strategy.

As an observer member of the Pacific Alliance, Indonesia is optimistic of it improving its economic diplomacy strategy to become an associate member of the Pacific Alliance. Related news: Connecting goods and people of Pacific, Southeast Asia