NUSA DUA - Indonesian Minister of Trade Zulkifli Hasan met the Minister of Industry, Trade and Tourism of Spain María Reyes Maroto Illera, Wednesday (21/9). The bilateral meeting took place on the sidelines of the G20 Trade, Investment, and Industry Ministerial Meeting (TIIMM) which was held in Nusa Dua, Bali, 21–23 September 2022. The meeting discussed opportunities for bilateral cooperation in the trade sector, especially in the midst of global economic challenges. at the moment.
"There is great potential that can be explored to increase trade and investment between the two countries, including in the fisheries and tourism sectors," said Trade Minister Zulkifli Hasan.
The two ministers agreed on the importance of increasing interaction between business actors of the two countries to encourage the optimization of this potential. To that end, Trade Minister Zulkifli Hasan invited Spanish business players to participate in the largest trade exhibition in Indonesia, namely the 37th Trade Expo Indonesia (TEI), which will take place on 19–23 October 2022.
The two Ministers also supported that negotiations on the Comprehensive Economic Partnership Agreement (CEPA) between Indonesia and the European Union could be concluded immediately. The agreement is believed to facilitate mutually beneficial economic cooperation between Spain and Indonesia.
In January–July 2022, the total trade between Indonesia and Spain reached USD 1.6 billion, an increase of 6.71 percent compared to the same period the previous year. Meanwhile, the total trade between Indonesia and Spain in 2021 is USD 3 billion, up 53.83 percent compared to 2020. Indonesia's exports to Spain in 2021 are USD 2.3 billion (up 55.07 percent) while imports are worth USD 684.1 million. (up 49.75 percent). Indonesia recorded a trade balance surplus of USD 1.7 billion. (LM)