Jakarta: The Governments of Indonesia and Australia through the Ministry of Finance signed a Memorandum of Understanding (MoU) to strengthen economic cooperation between the two countries.
This signing is an update of the memorandum of understanding that will facilitate the exchange of knowledge and perspectives in supporting the economies of the two countries that have been built for 15 years.
"This modality of cooperation and friendship is a good thing and can be imitated by many countries in fostering bilateral relations," said Finance Minister Sri Mulyani Indrawati, reported by Antara, Wednesday, September 21, 2022.
Sri Mulyani said Indonesia and Australia have a strong friendly relationship, including in the economic aspect, considering that Australia is Indonesia's 15th largest investor country.
This friendship is also marked by Australia being the 14th largest export destination and the seventh largest import origin country in the world.
So far, Australia has had a strategic cooperative relationship with Indonesia, one of which is through the Indonesia-Australia Partnership Program for the Economy or Prospera.
Several areas of cooperation that have been carried out between the two countries are on the economy, international economy, revenue policies including taxation, structural reforms, capital markets and the financial sector.
The implementation of the cooperation focus is in the form of bilateral visits, conferences, workshops, internship programs, joint research, information exchange and joint annual meeting activities.
The close relationship between the two countries is also reflected in Australia's support for Indonesia in the G20 Presidency because this memorandum of understanding will enhance cooperation at the G20 Finance Ministers meeting in Washington DC.
Australia is committed to continuing to support Indonesia ahead of the summit on the three priority agendas of the presidency, namely pandemic preparedness, the digital economy and the energy transition.
In addition to signing the updated memorandum of understanding, the Ministry of Finance of Indonesia and Australia also conducted a two-way Economic Policy Dialogue (EPD).
This dialogue is carried out to strengthen the domestic economy of each country and region in line with increasing global economic risks.
In this dialogue, the two countries focused on issues related to the macroeconomy, the financial sector, pension funds, transfers to the regions and a sustainable energy transition.
With the EPD, Indonesia and Australia hope to gain mutual benefits from the exchange of views so that priority areas can be improved for both countries.
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