Indonesian Trade Minister Budi Santoso encouraged stronger collaboration in this area during a meeting with South African Deputy Minister of Trade, Industry, and Competition Zuko Godlimpi in Gqeberha, South Africa, on Friday (October 10), according to a statement cited here on Saturday.
"This meeting presents valuable momentum for both countries to solidify their economic relations through a strategic partnership under the South-South cooperation framework. We have agreed to advance talks on new cooperation in trade and MSME development," Santoso noted.
Highlighting South Africa as a strategic trading partner for Indonesia in Africa, he emphasized the potential for bilateral trade to expand the market reach of Indonesia's palm oil, rubber, and motorized vehicles.
"We welcome South Africa's commitment to deepening its economic ties with Indonesia. This synergy will open up vast opportunities for business actors from both countries," he said.
The two sides also discussed resuming regular meetings of the Indonesia–South Africa Joint Trade Committee (JTC), established in 2005 as a platform for exchanging information on trade opportunities.
In this regard, Santoso proposed holding the fourth JTC meeting in Indonesia to discuss strategic steps for strengthening cooperation in trade, investment, and industry, following up on the previous forum held in Pretoria, South Africa, in 2017.
"We hope that the 4th JTC meeting will soon take place so we can explore opportunities and challenges in bilateral trade and further bolster our economic cooperation," he said.
South Africa, for its part, expressed hope that Indonesia would soon submit a proposal for establishing a cooperation framework.
Between January and August 2023, the value of bilateral trade between the two nations totaled US$1.42 billion, with Indonesia contributing US$690.60 million in exports.
In 2022, the two countries recorded total trade of US$2.41 billion, marking a 7.2 percent increase from the previous year.
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Translator: Maria C, Tegar Nurfitra
Editor: Azis Kurmala
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