Indonesia, UK to Improve Economic Relations Through JETCO

Jakarta, InfoPublik - The Indonesian Government through the Ministry of Trade and State for International Trade of the United Kingdom enhanced bilateral economic relations by forming the Joint Economic and Trade Committee (JETCO).

Trade Minister Muhammad Lutfi said JETCO would open up opportunities for greater Indonesia-UK trade and investment cooperation in the future.

"The signing of JETCO marks a new chapter in bilateral relations between Indonesia and the UK. It is hoped that the two countries can encourage bilateral economic relations improvement in the future, assist the entry of Indonesian goods and services into the UK market, and encourage British investment in Indonesia," said the Trade Minister in an official statement received by InfoPublik on the signing of JETCO on Monday, 26 April.

The memorandum of understanding (MoU) for the formation of JETCO was signed by Trade Minister Muhammad Lutfi and Secretary of State for International Trade of the United Kingdom Elizabeth Truss virtually.

The Trade Minister further explained that the formation of JETCO was based on a recommendation from the Indonesia-UK Joint Trade Review (JTR), a joint study in preparing recommendations in the context of increasing the trade and investment sector.

The JTR, he said, was first drafted in December 2019 and was finalized in mid-April 2021 to identify potential sectors, obstacles and opportunities for cooperation.

The two Ministers agreed to hold JETCO's first meeting in July 2021 in Indonesia.

"The meeting is necessary since it offers an opportunity to determine the direction of future bilateral relations between the two countries," he concluded. (Photo: Ministry of Trade's Public Relations Bureau)

Reporter/Writer: Wahyu Sudoyo