Bangladesh is one of Indonesia’s important economic partners in the South Asian region. We are very pleased to see the encouraging trend in our trade relationsJakarta (ANTARA) - Indonesian Minister of Foreign Affairs Retno Marsudi, at a bilateral meeting with her counterpart from Bangladesh, Abdul Momen, agreed to push for the completion of negotiations on the preferential trade agreement (PTA) between both nations.
"To boost our trade volume, Indonesia and Bangladesh are working closely to conclude negotiations on the Preferential Trade Agreement," Foreign Minister Retno Marsudi noted in a joint press statement with the Bangladesh foreign minister here on Monday.
Marsudi highlighted that the bilateral trade between Indonesia and Bangladesh last year had surpassed pre-pandemic figures, reaching over US$3 billion. Moreover, during the January-May 2022 period, the value of bilateral trade had increased by 30 percent.
"Bangladesh is one of Indonesia’s important economic partners in the South Asian region. We are very pleased to see the encouraging trend in our trade relations," she stated.
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In line with the Indonesian Foreign Minister Marsudi's statement, Minister Momen noted that economic conditions and relations between Indonesia and Bangladesh had gone well for the last five decades, with the two countries having some more potential opportunities to be explored.
"As Foreign Minister Retno (Marsudi) mentioned, the value of trade between the two countries has increased by 30 percent in the last few months, and last year, there was an increase in trade between the two countries by around 50 percent," Minister Momen stated.
"We need to improve it, and today, we discussed many efforts that can help improve the two-way trade relations," he remarked.
He stressed that one of the ways to increase Indonesia-Bangladesh two-way trade is with the immediate settlement of the PTA.
"We are looking forward to the PTA, and hopefully, it will help us increase two-way trade," he remarked.
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Furthermore, at the bilateral meeting, the two foreign ministers also agreed to expand bilateral cooperation in strategic industries, transportation sector, and halal industries.
"In terms of the investment, we are committed to bring closer our state-owned
enterprises and private sectors. I also shared the interest of Indonesian companies to sustain and expand their presence in Bangladesh," Marsudi remarked.
The minister drew attention to the readiness of one of the companies, Pertamina Power Indonesia (PPI), to support the power generation project in Bangladesh.
"With your support, Excellency (Minister Abdul Momen), we hope to finalize the Letter of Intent for this cooperation soon," she stated.
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In addition, the foreign ministers of Indonesia and Bangladesh also agreed to extend bilateral cooperation in the energy sector.
"On connectivity, we agreed to encourage closer contacts among our businesses and our people," Marsudi emphasized.
This year, Indonesia and Bangladesh celebrate the 50th anniversary of diplomatic relations.
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Reporter: Yuni Arisandy Sinaga
Editor: Fardah Assegaf
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