JAKARTA - Indonesia and Colombia will soon begin a Joint Feasibility Study (JFS) in order to explore the deepening of market access for a number of Indonesian products to Colombia. The agreement was made at the Indonesia-Colombia Preparatory Meeting of Indonesia-Colombia Future Trade Agreement in Bogota, Colombia, Tuesday (12/11).
The meeting was attended by Director of Bilateral Negotiations of the Indonesian Ministry of Trade Made Marthini and the Deputy Minister for Foreign Trade of the Colombian Ministry of Trade, Industry and Tourism Laura Valdivieso Jimenez.
In addition to joint feasibility studies, Indonesia and Colombia also agreed on the Terms of Reference (ToR) of the Joint Feasibility Study. Both countries are targeting the Joint Feasibility Study to be completed by June 2020.
"The Terms of Reference for the Joint Feasibility Study are a form of high commitment from the two delegations. The results of this study will provide recommendations to the two Ministers of Trade to enter into an Indonesia-Colombia trade agreement," said Made.
According to BPS data processed by the Ministry of Trade, the value of Indonesia's exports to Colombia in 2018 was recorded at USD 141.1 million. Meanwhile, Indonesia's imports from Colombia were recorded at USD 18 million. Thus Indonesia's trade balance was a surplus of USD 123 million. (LM)