Bilateral Meeting Between The Indonesian Minister Of Trade And The Japanese Minister Of Economy, Trade, And Industry

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Bilateral Meeting Between The Indonesian Minister Of Trade And The Japanese Minister Of Economy, Trade, And Industry

Monday, 18 Nov 2024

The Indonesian Minister of Trade, Budi Santoso, held a bilateral meeting with Japan's Minister of Economy, Trade, and Industry, Yoji Muto, in Lima, Peru, on Thursday, November 14.

Minister Budi urged both countries to finalize the ratification process of the IJEPA Amendment Protocol for implementation by 2025. The meeting also discussed Indonesia's participation in the World Expo Osaka 2025.

In 2025, Japan will serve as one of the chairs of the Regional Comprehensive Economic Partnership (RCEP), alongside Indonesia, which will chair the ASEAN region. The RCEP Secretariat, located in Jakarta, is set to be inaugurated on November 26, 2024. Minister Budi expressed hope for a smooth implementation of RCEP.

In 2023, the total trade between the two countries reached USD 37.2 billion, with Indonesia's exports at USD 20.7 billion and imports at USD 16.5 billion, resulting in a surplus of USD 4.2 billion for Indonesia. Japan is Indonesia's third-largest export destination.

Accompanying Minister Budi at the meeting was Djatmiko Bris Witjaksono, the Director General of International Trade Negotiations.

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