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Indonesia eyes trade partnership with Latin America through Argentina
The Indonesian government is seeking better market access to the Latin American region through the establishment of a working group with Argentina, a member state of South American economic bloc Mercosur.
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President Joko Widodo talks with visiting Argentinian President Mauricio Macri at Bogor Palace on the outskirts of Jakarta on Wednesday. (JP/Seto Wardhana.)
On the sidelines of Argentinian President Mauricio Macri’s state visit to Indonesia, Trade Ministry secretary-general Karyanto Suprih and Ambassador of Argentina to Indonesia Ricardo Luis Bocalandro signed a joint statement to establish a working group on trade and investment between the two countries.
The working group, said Bocalandro, would allow the two countries to discuss and resolve technical difficulties and nontariff measures that had been hampering bilateral trade.
“Both nations are committed to increasing and diversifying our balance of trade, and we are very happy to have this working group already established in order to [...] cooperate more intensely between Indonesia and Argentina in terms of trade,” he said following the signing on Wednesday.
The move follows up on a previous visit by Argentinian officials to Indonesia last month. During that visit, Trade Minister Enggartiasto Lukita had expressed confidence that the working group would help double the value of bilateral trade over the next two years.
According to Trade Ministry data, trade between Indonesia and Argentina reached US$1.7 billion in 2018, with the Latin American country enjoying a surplus. That figure, with help from the working group, is expected to reach $3.4 billion by 2021, with a balance that’s more favourable to Indonesia.
Fortunately, the opportunities for Indonesia would not stop, there as the ambassador explained that Argentina, along with Mercosur, welcomed the possibility of elevating the partnership into a trade agreement.
