Cover Image Credits: PIB
India and Indonesia have announced the launch of the “India-Indonesia Economic and Financial Dialogue” (EFD Dialogue) during the G20 Finance Ministers and Central Bank Governors meeting in Gujarat. The purpose of this platform is to strengthen cooperation between the two nations and promote a shared understanding of global issues.
On 16 July 2023, Ms. Sri Mulyani Indrawati, the Minister of Finance of Indonesia, and Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs of India, jointly announced the introduction of the “India-Indonesia Economic and Financial Dialogue.” This initiative was unveiled during the G20 Finance Ministers and Central Bank Governors meeting and aims to enhance cooperation between the two countries while fostering a mutual understanding of global matters.
India and Indonesia announce launch of the “India – Indonesia Economic and Financial Dialogue” (EFD Dialogue) on sidelines of #G20 Finance Ministers and Central Bank Governors meeting in Gujarat
EFD Dialogue to strengthen cooperation between the two nations and foster shared… pic.twitter.com/OWR0rdYBxx
— PIB India (@PIB_India) July 17, 2023
Union Finance Minister Smt. Nirmala Sitharaman highlighted the positive impact of India’s “Look East Policy” in 1991, followed by the “Act East Policy,” on the bilateral relations between India and Indonesia. These policies have led to significant growth in various areas, particularly in the commercial and cultural domains.
Indonesia has emerged as India’s primary trading partner in the ASEAN region, with trade between the two countries witnessing an impressive eightfold increase since 2005, reaching a noteworthy $38 billion in the fiscal year 2022-23. The EFD Dialogue aims to strengthen collaboration between India and Indonesia on various bilateral and international economic and financial issues.
This platform brings together economic policymakers and financial regulators from both nations. Areas of cooperation include addressing macroeconomic challenges, assessing global economic prospects, fostering bilateral investment relations, and promoting cooperation in G20 and ASEAN affairs.
The Finance Ministers also acknowledged the significance of the digital economy and highlighted the potential for collaboration in fintech to promote financial inclusion. With both India and Indonesia being fast-growing economies and active participants in international organizations such as the G-20, WTO, and East Asia Summit, the EFD Dialogue offers a unique opportunity for mutual learning and policy coordination.
Ms Sitharaman and Ms Indrawati expressed optimism that the EFD Dialogue will not only deepen the bilateral relationship between India and Indonesia but also contribute to the economic and financial stability of Southeast Asia and the world as a whole.
(With inputs from PIB)
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