Union Finance Minister Nirmala Sitharaman announced the launch of the “India-Indonesia Economic and Financial Dialogue” (EFD Dialogue) during the G20 Finance Ministers and Central Bank Governors meeting held in Gujarat. The dialogue aims to strengthen cooperation between the two nations and foster a shared understanding of global economic and financial issues, presenting a unique opportunity for mutual learning and policy coordination.
Strengthening Cooperation and Policy Coordination: The EFD Dialogue Unveiled
The introduction of the India-Indonesia Economic and Financial Dialogue signals a new chapter in the bilateral relationship between India and Indonesia. Finance Minister Nirmala Sitharaman highlighted the dialogue’s objective of enhancing cooperation between the two nations, particularly in economic and financial matters. The EFD Dialogue serves as a platform for comprehensive discussions and engagements to address shared challenges, exchange knowledge, and coordinate policies for the benefit of both countries.
Indonesia as India’s Key Trading Partner: Promising Growth in Bilateral Trade
Minister Sitharaman emphasized the significance of Indonesia as India’s largest trading partner in the ASEAN region. Over the years, bilateral trade between the two nations has witnessed remarkable growth, with an eightfold increase since 2005. In the fiscal year 2022-23, the bilateral trade volume reached an impressive $38 billion. This upward trajectory highlights the strong economic ties and the potential for further collaboration in various sectors, contributing to the mutual growth and prosperity of both nations.
The launch of the India-Indonesia Economic and Financial Dialogue not only underscores the commitment to strengthen bilateral relations but also demonstrates the willingness of both countries to engage in meaningful discussions and collaboration on global economic and financial issues. Through this platform, India and Indonesia aim to deepen their cooperation, share experiences, and align policies to address the challenges and opportunities presented by the evolving global economic landscape. As the dialogue progresses, it is expected to unlock new avenues for trade, investment, and collaboration, ultimately fostering greater economic growth and development for both India and Indonesia.
