Indonesia, Britain concur on enhancing trade, investment cooperation

Indonesia, Britain concur on enhancing trade, investment cooperation

Indonesian and British flags. (FA)

Jakarta (ANTARA) - Indonesia and Britain were on the same page over deepening trade and investment cooperation, Indonesian Trade Minister Agus Suparmanto stated following a meeting with British Trade Commissioner for Asia-Pacific Natalie Black.

"I see that Indonesia and Britain need to intensify communication and cooperation to boost trade between Indonesia and Britain, both for goods and services," Suparmanto noted in a statement issued following the meeting held on the sidelines of the 35th ASEAN Summit and Related Summits here on Monday.

The minister commended the presence of several British businesses at the Trade Expo Indonesia 2019 and business transactions conducted during the expo.

The meeting between Suparmanto and Black was a follow up of a signing of the Terms of Reference (TOR) on Trade Review during the Trade Expo Indonesia 2019 held in Tangerang, Banten Province, on October 16 this year.

Both nations were optimistic that the first Trade Review meeting would be held in London on December 9, 2019, to discuss studies on bilateral trade and investment between Indonesia and Britain.

Indonesia is the first ASEAN member country to have inked the Trade Review TOR with Britain, thereby demonstrating that it is a vital economic partner of Britain.

Britain is keen on intensifying cooperation with Indonesia in financial service trade currently developing in ASEAN member nations.

Minister Suparmanto echoed Indonesia's concern over addressing barriers that discriminate against Indonesian palm oil to gain access to the European Union markets and negative campaigns against Indonesian palm oil in Britain.

He is upbeat of Britain’s assistance to Indonesia in the development of sustainable palm oil deemed vital not only for Indonesia but also for European countries.

"Appropriate solution is needed to tackle trade barriers. A rapid breakthrough is necessary to solve trade problems in the interest of both states," he noted.

In response to the minister's statement, Britain vowed to promote open dialog with Indonesia to discuss the development of palm oil and concurred on offering facilities for improving capacity in research and education and technology concerning palm oil sustainability, especially for palm oil farmers and SMEs in Indonesia.

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