4 Indonesia-Switzerland Bilateral Agreements Signed

Bern: During the World Economic Forum (WEF), the Indonesian Embassy in Bern has facilitated 4 agreements.
 
The 4 agreements are the Bilateral Investment Treaty (BIT) investment cooperation, the Agreement between the Chamber of Commerce and Industry ( Kadin) and Economiesuisse, Agreement between Kadin Indonesia and Innosuisse and Agreement on establishment of Indonesia Trading House (ITH) between Kadin Indonesia and Pasar Indonesia Versand, Switzerland.
 
"This year WEF is a little different, apart from being held in the summer for the first time, also because of the agreements signed between the Indonesian and Swiss parties," said the Indonesian Ambassador to Switzerland and Liechtenstein, Muliaman Hadad in a press release on Monday.

"Trade in the first quarter of 2022, Indonesia's trade balance surplus amounted to USD 1.16 billion," said Ambassador Muliaman.
 
ITH is a concrete form of utilizing the implementation of Indonesia's EFTA CEPA which took effect late last year. It is hoped that ITH will encourage an increase in Indonesia's trade abroad. Switzerland can be a hub for the Indonesian product market to be exported to other countries. The owner of the Indonesian Versand Market, namely Catharina Oehler, is one of the Indonesian diaspora in Switzerland who has been selling Indonesian products since 1999.
 
Since Indonesia's EFTA CEPA took effect, Switzerland and Liechtenstein removed 7,042 Tariff Posts (81.74%) or 99.65% of the value of Swiss commodity imports from Indonesia. In the first quarter of 2022, almost all of Indonesia's main commodities to Switzerland experienced an increase compared to the first quarter of 2021.
 
The latest data from the Swiss Federal Office for Customs and Border Security (FOCBS), the value of Indonesia's commodity exports to Switzerland reached USD 1.26 billion in the first quarter of 2022, an increase of 998.0% compared to the value of Indonesia's exports to Switzerland in the first quarter of 2021 (USD $ 115.53 million).
 
Data from the Ministry of Investment/BKPM shows that in the first quarter of 2022, Switzerland ranks 5th from the European continent and 20th of all countries investing in Indonesia. The number of projects has reached 152 with a value of USD $ 15.7 million.
 
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