Indonesia, Japan discuss regional economic development

Indonesia appreciated Japan's desire to discuss the 'Asia Japan Investing for Future Initiative', Indonesian Minister of Trade Muhammad Lutfi said during his recent meeting with Japanese Minister of Economy, Trade and Industry Hagiuda Koichi.

Lutfi said Indonesia welcomed the discussion to prepare this initiative for the benefit of the region.

He revealed that there are at least three things that are of concern to Indonesia regarding this initiative. These things are related to the expected results, funding mechanisms, and the planned implementation time.

The Indonesian minister also appreciated Japan's support for this year's G20 Presidency, hoping that the support will help G20 member countries generate useful achievements and priority agendas.

Indonesia is finalising the ratification of the RCEP, which is expected to be completed in the first half of 2022.

In regards to the Indonesia-Japan Economic Partnership Agreement (IJEPA), Lutfi spoke highly of efforts by the Indonesian and Japanese delegations to discuss issues that had not yet been agreed upon.

In the first quarter of 2022, the total trade between Indonesia and Japan reached 9.98 billion USD. This value grew by 36.43 percent compared to the same period the previous year which amounted to 7.25 billion USD./.

VNA