The agreement was reached in their meeting at the White House, Washington D.C., the United States, Tuesday local time, as noted in a joint statement by the two leaders published on the whitehouse.gov website.
"The two leaders reaffirmed the importance of innovation-driven, inclusive, and sustainable economic growth to deliver better livelihoods for the American and Indonesian people," the statement said as quoted on Wednesday.
In the joint statement, Biden and Prabowo agreed to push for sustainable, innovative, and inclusive economic growth to improve the welfare of people in both countries.
During the meeting, they also emphasized their commitment to strengthening the principles of transparency, accountability, and public participation in government through their membership in the Open Government Partnership (OGP).
"OGP aims to increase transparency, accountability, and public participation and tackle corrupt practices," the statement disclosed.
Furthermore, the two leaders expressed their seriousness in deepening collaboration in the economic policy in accordance with business principles based on labor rights, human rights, and fair trade.
Based on the White House's statement, this cooperation will be realized through the Indo-Pacific Economic Framework for Prosperity (IPEF), which is an important forum for both countries in expanding economic partnerships in the region.
The two parties also recognized the important role of the Generalized System of Preferences (GSP) in encouraging US-Indonesian trade.
"We recognize the importance of GSP in encouraging trade, supporting industry, and promoting sustainable development for both countries," the statement remarked.
In a bid to strengthen this cooperation, Biden and Prabowo agreed to explore the possibility of conducting strategic economic dialogue and further meetings through the U.S.-Indonesia Trade and Investment Framework Agreement (TIFA).
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Translator: Andi Firdaus, Resinta Sulistiyandari
Editor: Rahmad Nasution
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