Indonesia, UK Strengthen Ties on Bilateral Trade through JETCO

TEMPO.CO, Jakarta - Trade Minister Muhammad Lutfi signed the latest agreement on bilateral trade with his British counterpart Elizabeth Truss. The virtual signing of the Memorandum of Understanding (MoU) on the Joint Economic and Trade Committee (JETCO) was done on Monday, April 26, 2021.

“The signing of JETCO marks a new chapter in bilateral relations between Indonesia and the United Kingdom,” Lutfi said in a written statement on Monday.

With this agreement, Lutfi hoped that the two countries could improve their economic ties in the future. “To help the entry of Indonesian goods and services into the British market, as well as encourage British investment in Indonesia,” he added.

According to the trade minister, the establishment of JETCO was the result of the recommendation of the Joint Trade Review (JTR) carried out by the two countries. JTR is a joint study to develop recommendations in order to increase the trade and investment sector which kicked off in December 2019 and was finalized in mid-April 2021.

Muhammad Lutfi said JETCO is a fundamental milestone in enhancing the Indonesia-UK partnership. “We hope that in the future, the two countries can improve their economic and trade relations together through trade agreements,” he said.

Read: Indonesia - China to Strengthen Bilateral Trade

FAJAR PEBRIANTO