Indonesia, China Agree to Expand Economic Partnerships

Indonesian Foreign Minister Retno Marsudi and her Chinese counterpart Wang Yi. (Photo courtesy of the Ministry of Foreign Affairs)

By : Sheany | on 11:06 PM February 17, 2017
Category : News, Foreign Affairs

Jakarta. Indonesia and China will continue to increase and expand economic partnerships, particularly in investment and trade, the Foreign Ministry said in a statement on Friday (17/02).

Indonesian Foreign Minister Retno Marsudi and her Chinese counterpart Wang Yi met on the sidelines of the G20 meeting in Bonn, Germany, to discuss the expansion of partnerships between the two nations as part of a comprehensive strategic partnership.

Despite close ties between the two countries, the ministers agreed that there is still room for improvement.

On trade, Retno emphasized the need for balanced and equally profitable trade relations between Indonesia and China. She requested an increase in market access for Indonesian products through reduced tariffs and removal of non-tariff barriers. China is Indonesia's biggest trade partner.

"I welcome the [Chinese] foreign minister's commitment to reduce trade barriers for Indonesian agricultural products," Retno said in a statement received by the Jakarta Globe.

The ministers also discussed efforts to increase Chinese investment in Indonesia, with Wang pointing out that there was a recent increase in outbound investment from China and that this was an opportunity for Indonesia to attract some of that.

Retno also raised the issue of security in the South China Sea, stressing the importance for the Association of Southeast Asian Nations (Asean) and China to strengthen their commitment to security and stability in the region.

"China's readiness to progress with the negotiations on the CoC and DoC is a good step and Indonesia hopes that Asean and China can achieve this by starting a discussion on the framework of the CoC," Retno said, referring to the Code of Conduct and the Declaration on the Conduct of Parties in the South China Sea.

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