To achieve the target, the acceleration and implementation of the limited preferential trade agreement (PTA) is a must, according to Coordinating Minister for Economic Affairs, Airlangga Hartarto.
Through this trade agreement, the two countries can focus on freeing the entry of several main products, both tariff and non-tariff, with a relatively faster negotiation time.
"Indonesia and Turkey need to strengthen economic cooperation and see the enormous potential the two countries have, amidst global uncertainty and the protectionist trend that has just been carried out by the US," Hartarto said at the Turkey-Indonesia CEO Roundtable Meeting, according to a statement released on Friday.
The meeting, which was organized by the Indonesian Chamber of Commerce and Industry and the Foreign Economic Relations Board of Turkey (DEIK), was attended by more than 50 business leaders from the two countries.
They represented various business sectors, including defense, technology, construction, infrastructure, energy, health industry, pharmaceuticals, manufacturing, vocational education, and human resource development (HRD).
Indonesia and Turkey have relatively stable economic fundamentals, with notably high domestic consumption.
The year 2025 marks 75 years of bilateral cooperation between Indonesia and Turkey, therefore, further cooperation is necessary.
"Turkey sees Indonesia as a major partner and hub for trade in the ASEAN region," Turkish Deputy Minister of Trade, Ozgur Volkan Agar, said.
Turkey already has free trade agreements with Malaysia and Vietnam, therefore, Indonesia has called for the immediate completion of the limited PTA negotiations, in line with the mandate of the two countries.
Meanwhile, Indonesia can also see Turkey as a hub to enter the EU market and support the acceleration of the completion of the Indonesia-EU Comprehensive Economic Partnership Agreement (IEU-CEPA) negotiations.
"The potential for Turkish agricultural products to enter the Indonesian market, and vice versa, Turkey is also open to exports of Indonesian agricultural and forestry products to the Turkish market," Turkish Minister of Agriculture and Forestry, Ibrahim Yukmali, said.
These products can serve as raw materials for the food and beverage industry and the craft industry in Turkey, so they can provide benefits to both countries, he added.
He emphasized that trade protectionism, which is currently being pursued by several countries, would slow down global economic growth and the world's major countries.
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Translator: Bayu Saputra, Yashinta Difa
Editor: Rahmad Nasution
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