G20 : Smooth Trade between Indonesia and India
- 2022-11-15
- Posted by: Widyadhana Mufida
- Category: Uncategorized
The G20 event helped smooth trade cooperation between Indonesia and India. The event was an opportunity for the Minister of Trade Zulkifli Hasan to meet with the Director General of the Confederation of Indian Industry (CII) Candrajeet Banerjee.
“We will pay a visit to India to formulate increased cooperation between the two countries. Indonesia is also forming a team to discuss this area of cooperation,” said Zulkifli Hasan (14/11/2022).
Reported by cnbcindonesia.com, During a trade mission to India last August, the two countries pushed for a bilateral trade agreement. The agreement is proposed to enhance trade and investment cooperation. One of them is through the ASEAN-India Goods Trade Agreement Review.
In addition, representatives of Indian business actors also expressed interest in Indonesia’s investment sector in the infrastructure sector, such as for ports, airports and land. There is also a development project for the National Capital City and an information and technology development project or AI (artificial intelligence).
Based on the trade balance for January-September 2022 period, trade between Indonesia and India peaked at USD 25.5 billion. This achievement rose 60.3 percent from the same period the previous year. During that period, Indonesia’s exports to India were recorded at USD 17.9 billion, while Indonesia’s imports from India were recorded at USD 7.5 billion. Thus, Indonesia experienced a trade balance surplus with India of USD 10.4 billion.
In 2021, India was ranked 4th as an export destination, and 9th as an import origin for Indonesia. Indonesia’s main exports to India include coal and palm oil. Meanwhile, Indonesia’s main imports from India include semi-finished products made of iron, cane sugar or beet sugar, peanuts, beef, frozen, and ferrous alloys.