JAKARTA - The Ministry of Trade facilitated the signing of a memorandum of understanding (MoU) on cooperation in a business-to-business (B-to-B) counter-trade scheme between domestic companies and companies in Mexico.
The signing of this MoU marks the first time B-to-B trade cooperation between Indonesia and Mexico. The government continues to make new breakthroughs in opening up export opportunities to help the national economy recover.
“The signing of this MoU is a stepping stone as well as a milestone for better cooperation in the future between Indonesia and Mexico. In addition to enhancing bilateral trade relations and cooperation between the two countries, this agreement can encourage trade in the global value chain and help the world economy recover from the Covid-19 pandemic," said Plt. Director General of Foreign Trade of the Ministry of Trade Indrasari Wisnu Wardhana.
As a pilot project of counter-trade cooperation with Mexico, Indonesia will export urea fertilizer, coal fertilizer, coconut shell charcoal, and various spices, namely cinnamon, nutmeg and pepper. Meanwhile, Mexico offers sesame seeds and vegetable oils in the form of canola and sunflower seeds.
Indonesia's total non-oil and gas trade with Mexico in the January–April 2021 period was recorded at USD 477 million. Of this amount, Indonesia's exports to Mexico were recorded at USD 381 million and Indonesia's imports from Mexico amounted to USD 96 million, resulting in a surplus for Indonesia of USD 285 million. (LM)