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Indonesia and Bangladesh to finalize preferential trade agreement

19 July 2022 09:24

JAKARTA - Indonesian Trade Minister Zulkifli Hasan held a bilateral meeting with Bangladesh Foreign Minister Abul Kalam Abdul Momen at the Ministry of Trade office, Jakarta, Monday (18/7). At this meeting, the two Ministers affirmed their commitment to finalizing the Indonesia-Bangladesh preferential trade agreement (IB-PTA) negotiations.

"I confirm Indonesia's commitment to complete the IB-PTA negotiations that have been mandated by the leaders of the two countries. It must be ensured that the IB-PTA is balanced and benefits both parties. I hope that both parties can resume the negotiation process so that stakeholders can immediately receive the benefits of the IB-PTA ," said Trade Minister Zulkifli Hasan.

Trade Minister Zulkifli Hasan added that his party had received an invitation to visit Bangladesh. The visit was to commemorate 50 years of diplomatic relations between the two countries.

"Indonesia and Bangladesh are strategic partners in various forums for economic and trade cooperation. It is hoped that the visit can improve relations that have been closely intertwined and increase trade relations between the two countries," said Trade Minister Zulkifli Hasan.

In 2021, Bangladesh became Indonesia's 15th export destination. Meanwhile, Indonesia ranks 62 for Bangladesh as the country of origin of imports. In 2021, the total trade between the two countries reached USD 3 billion with Indonesia's export value being recorded at USD 2.9 billion while Indonesia's imports from Bangladesh are recorded at USD 0.1 billion. Thus, Indonesia's trade balance has a surplus of USD 2.8 billion against Bangladesh. (LM)

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