Indonesia, Russia Eye Stronger Trade, Investment Cooperation

    Wahyu Dwi Anggoro - 15 Oktober 2020 19:12 WIB
    Indonesia, Russia Eye Stronger Trade, Investment Cooperation
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    Jakarta: Indonesia and Russia have agreed to strengthen economic cooperation in the fields of trade, investment and industry in a bide to overcome the impacts of the covid-19 pandemic.

    This agreement was reached by the two countries at the 4th Meeting of the Indonesia-Russia Working Group on Trade, Investment and Industry (WGTII) which took place virtually on Wednesday.

    Coinciding with the 70th anniversary of bilateral relations of the two countries, the 4th WGTII meeting aimed to further strengthen cooperation, collaboration, consultation and dialogue in the economic field between the two countries.

    "Indonesia is one of the important trading partners for Russia, and Russia is committed to increasing trade and investment cooperation with Indonesia," said the Director of the Multilateral Economic Cooperation and Special Projects Department, Ministry of Economic Development of Russia, Natalia Stapran, in a press release on Wednesday.

    The 4th WGTII meeting discussed various obstacles, opportunities and breakthroughs to reduce trade export and import barriers and enhance cooperation in developing strategic industries and handling COVID-19, including vaccine cooperation. 

    Indonesia and Russia also agreed to provide support for the completion of the Joint Feasibility Study Group (JFSG) between Indonesia and the Eurasian Economic Union (EAEU) countries as an effort to form a free trade agreement.

    The results of the 4th WGTII meeting were outlined in the Protocol of the  which became the basis of the two countries in preparing for the 13th Indonesia-Russia Joint Commission Session (SKB) in the Field of Trade, Economic and Technical Cooperation in 2021.


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