London: On Thursday, 20 July, the UK and Indonesia held the second Joint Economic and Trade Committee (JETCO). JETCO help grow trade between the two countries – already worth £3.5 billion a year.
At the meeting, the UK’s Minister for International Trade Nigel Huddleston and Indonesia’s Vice Minister of Trade Dr Jerry Sambuaga agreed to establish a working group on the digital economy and develop renewable energy opportunities. This is the two areas of key mutual interest for Indonesia and the UK.
The UK is the second largest exporter of services in the world and the majority of these are delivered by digital means. Easing digital trade could help increase trade in services between the UK and Indonesia, building on £658 million worth of services exports to Indonesia last year.
In discussions on Thursday, Minister Huddleston also highlighted opportunities for increased collaboration in areas such as food and drink, agriculture, education services, Indonesia’s energy transition, legal services and fintech.
The first UK-Indonesia JETCO in 2022 established working groups on renewable energy and clean growth, and on agriculture, food and drink.
“Indonesia has an incredibly exciting economy. We’re ready to deepen our trade ties with this growing economic powerhouse by opening exciting new opportunities for UK businesses selling to Indonesia,” said The UK’s International Trade Minister Nigel Huddleston, as stated from U.K Embassy statement, Friday, 21 July 2023.
“We are playing to our strengths, focusing our attention on areas of mutual benefit like digital trade. Making trade easier in these areas will provide a boon to our world-leading services industries,” add Huddleston.
While His Majesty’s Deputy Trade Commissioner for Southeast Asia Sam Myers said that he is delighted to join the JETCO meeting, which marks another important milestone in the deepening trade and investment relationship between the UK and Indonesia.
Indonesia is a hugely important partner to the UK –,with trade relationship already worth £3.5bn,– and is also the Chair of ASEAN this year. As ASEAN’s newest Dialogue Partner in 25 years, the UK will continue to strengthen trade and business links with Indonesia and the wider Southeast Asia region.
British Ambassador to Indonesia and Timor Leste Owen Jenkins added that “Closer cooperation with Indonesia in trade and investment is a core objective for the UK”.
“We are keen to support the movement of goods, services, and technology between the UK and Indonesia, which will increase our £3.5 billion trade relationship and foster economic growth in both countries,” he said.
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