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Jakarta (Antara) – Indonesian Trade Minister Zulkifli Hasan and United Arab Emirates (UAE) Foreign Minister Thani bin Ahmed Al Zeyoudi witnessed the signing of a US$3.6 million Business-to-Business (B2B) Memorandum of Understanding (MoU) between the two countries ‘Business actor.
The signing of the MoU was carried out by 11 Indonesian business actors as suppliers and two Emirati business actors.
“This trade agreement shows good cooperation between the business communities 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,” Hassan noted in a statement in Jakarta on Saturday.
Eleven business players from Indonesia included 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, Hasiuan Design and C – Living furniture and custom work.
On the other hand, the two business players in the UAE are Yas Export International and Tarrab Trading Co. LLC, whose products include clothing, fruit, groceries, footwear, plastic utensils, furniture, lighting and handicrafts.
Before witnessing the signing of the MoU, Minister Hassan and Minister Zeyudi held a bilateral meeting to discuss the progress of ratifying the Comprehensive Economic Partnership Agreement (IUAE-CEPA) between Indonesia and the UAE.
The bilateral meeting follows the G20 Trade, Investment and Industry Ministerial Meeting (TIIMM) to be held from 21 to 23 September 2022.
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“We believe that IUAE-CEPA will provide a great opportunity for both countries to grow together and elevate bilateral relations to a higher level,” Hassan affirmed.
He also noted that Indonesia is still in the IUAE-CEPA approval process.
“We will continue to complete the approval process on target,” he said.
Furthermore, Minister Hassan thanked Minister Zeyodi for the welcome he received during his visit to the UAE in July 2022.
The IUAE-CEPA agreement was signed in Abu Dhabi, UAE on July 1, 2022, when Indonesian President Joko Widodo paid a state visit to the UAE. The IUAE-CEPA agreement was signed by Minister Hassan and Abdulla bin Touq Al Marri, UAE Minister of Economy.
Minister Hassan also supported the UAE’s nomination to host the 13th WTO Ministerial Conference to be held in December 2023.
From January to July 2022, the total trade volume between Indonesia and the UAE reached US$2.8 billion, a year-on-year increase of 29.85%.
At the same time, the total trade volume between the two countries in 2021 will reach 4 billion US dollars, an increase of 37.88% over 2020.
In 2021, Indonesia’s exports to the UAE will be US$1.9 billion, an increase of 52.15% over 2020, and Indonesia’s imports from the UAE will be US$2.1 billion, an increase of 27.33%.
Indonesia’s main exports to the UAE in 2021 are jewellery, palm oil, automobiles, telephone connection equipment and television applications.
In addition, the main commodities Indonesia imports from the UAE are semi-finished iron, aluminium, gold, sulphur and propylene polymers.
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