Jakarta (ANTARA) - Indonesian Trade Minister Zulkifli Hasan and the United Arab Emirates (UAE) Foreign Affairs Minister Thani bin Ahmed Al Zeyoudi witnessed a US$3.6-million business-to-business (B2B) memorandum of understanding (MoU) inked between both nations' business actors.

The signing of the MoU was carried out by 11 Indonesian business actors, as suppliers, with two UAE business actors.

“This trade agreement shows good collaboration between the business world of the two countries, including small and medium enterprises. The Indonesian government will always support the business world in increasing business interactions with partner countries," Hasan noted in his statement in Jakarta, Saturday.

The 11 business actors from Indonesia comprised PT Liza Christina, PT Target Makmur, PT Mitra Sukses Dunia, PT Great Giant Pineapple, PT Mega Global Food, PT Tays Bogiyanti Solaras, PT Daimatu, PT Technoplast, PT Wirasindo Santakarya, Hasibuan Design, and C- Living Furniture & Custom Work.

On the other hand, two business actors from the UAE are Yas Export International and Tarrab Trading Co. LLC, with products comprising garments, fruits, grocery foods, footwear, plastic utensils, furniture, lighting, and handicrafts.

Prior to witnessing the signing of the MoU, Minister Hasan and Minister Zeyoudi held a bilateral meeting to discuss the progress in the ratification of the comprehensive economic partnership agreement between Indonesia and the UAE (IUAE–CEPA).

The bilateral meeting took place after the G20 Trade, Investment, and Industry Ministerial Meeting (TIIMM) held on September 21-23, 2022.

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"We believe that the IUAE-CEPA will provide a great opportunity for the two countries to grow together and elevate bilateral relations to a higher level," Hasan affirmed.

He also noted that Indonesia is still conducting the IUAE–CEPA ratification process.

"We will continue the ratification process to be completed according to the target," he stated.

In addition, Minister Hasan expressed gratitude to Minister Zeyoudi for the welcome extended to him during his visit to the UAE in July 2022.

The IUAE-CEPA agreement was signed on July 1, 2022, in Abu Dhabi, UAE, during the state visit of Indonesian President Joko Widodo to the UAE. The IUAE-CEPA agreement was signed by Minister Hasan and UAE Minister of Economy Abdulla bin Touq Al Marri.

Minister Hasan also supported UAE to participate in the nomination for the host of the 13th WTO Ministerial Conference that will be held in December 2023.

During the January-July 2022 period, the total trade between Indonesia and UAE reached US$2.8 billion, an increase of 29.85 percent as compared to the corresponding period the previous year.

Meanwhile, in 2021, the total trade between both nations amounted to US$4 billion, an increase of 37.88 percent as compared to 2020.

Indonesia's exports to the UAE in 2021 had reached US$1.9 billion, an increase of 52.15 percent from 2020, while Indonesia's imports from the UAE reached US$2.1 billion, an increase of 27.33 percent.

Indonesia's main export commodities to the UAE in 2021 were jewelry, palm oil, motor vehicles, telephone connection devices, and applications for television.

In addition, Indonesia's main imported commodities from UAE are semi-unfinished iron, aluminum, gold, sulfur, and propylene polymer.

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Translator: Sella Panduarsa G, Resinta S
Editor: Suharto
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