Indonesia Seeks Free Trade with Saudi Arabia
Indonesia aspires for free trade talks with GCC to “quickly begin at the end of this year”, according to the Indonesian Trade Minister Zulkifli Hasan.
In light of the first summit of the GCC and Association of Southeast Asian Nations on Friday, Indonesia’s President Joko Widodo travelled to Riyadh to attend the summit. Prior to the event, he met the Crown Prince Mohammed bin Salman and a series of bilateral agreements were signed.
“Indonesia aspires to discuss free trade pact with Saudi Arabia and the Gulf Cooperation Council,” said a minister following the meeting between President Joko and the Crown Prince.
Hoping to secure a trade pact with the GCC, Indonesia has been seeking to strengthen relations with Saudi Arabia. Trade ties with KSA have been one of the areas that Indonesia was aiming to enhance. These ties will open the door for greater Indonesian presence in the Middle East.
Saudi-Southeast Asian trade has been growing recently with about 5% increase from 2018 to 2022.
Meanwhile, the value of Indonesia’s trade with GCC was $16 billion, marking a 25% increase compared to 2021.
“Saudi Arabia is always an important trade partner for Indonesia,” said Hasan in a statement, adding: “The meeting went very well and was positive. A number of President Joko’s suggestions received a swift response, related to cooperation in trade, investment, and additional Hajj quota.”
“The two leaders discussed various areas of cooperation. In light of the Indonesia-Saudi Arabia Comprehensive Economic Partnership Agreement, President Joko and Prince Mohammed discussed forming a negotiation team,” said Trade Minister.
Related Topics
Bahrain, Saudi Arabia Trade Volume Surges to $4 Billion in 2022
Indonesia Supports Saudi Arabia’s Bid for 2034 World Cup
Saudi Crown Prince leaves Indonesia after he participates in the G20 Leaders’ Summit
