Indonesia, Spain discuss trade cooperation on sidelines of G20 TIIMM

There are great (cooperative) potentials that can be explored to increase trade and investment between the two countries, including in the fisheries and tourism sectors.

Nusa Dua, Bali (ANTARA) – Indonesian Trade Minister Zulkifli Hasan discussed cooperation opportunities with his Spanish counterpart María Reyes Maroto Illera on the sidelines of the 2022 G20 Ministerial Meeting on Trade, Investment and Industry (TIIMM).

“There are great (cooperation) potentials that can be explored to increase trade and investment between the two countries, including in the fisheries and tourism sectors,” the Indonesian minister said here on Wednesday evening.

The TIIMM is organized under the Sherpa Track as a follow-up to the work of the G20 Working Group on Trade, Investment and Industry, which addresses trade and investment issues and encourages G20 countries to strengthen global trade and investment.

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The TIIMM will take place from 21 to 23 September 2022 in Bali.

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The two ministers agreed on how important it is to strengthen interactions between economic actors in both countries in order to optimize the potential for cooperation.

Therefore, Hasan has invited Spanish businessmen to attend the largest business-to-business trade exhibition in Indonesia – the 37th Trade Expo Indonesia (TEI) – which will be held from October 19-23, 2022.

The two ministers also supported that negotiations on the Comprehensive Economic Partnership Agreement (CEPA) between Indonesia and the European Union (EU) be concluded as soon as possible.

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The deal aims to facilitate mutually beneficial economic cooperation between Spain – as a member of the EU – and Indonesia.

In addition, Hasan and Maroto spoke about the important role of the G20 in finding solutions to current global challenges. The results of the G20 TIIMM 2022 are expected to help accelerate the global economic recovery.

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During the period from January to July 2022, total trade between Indonesia and Spain reached US$1.6 billion, up 6.71 percent year-on-year (yoy).

Meanwhile, total trade between Indonesia and Spain was estimated at US$3 billion in 2021, up 53.83 percent compared to 2020.

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Indonesia’s export value to Spain in 2021 was US$2.3 billion, a year-on-year increase of 55.07 percent, while the value of imports was US$684.1 million, an increase of 49.75 Percent. Thus, Indonesia recorded a trade surplus of 1.7 billion US dollars.

Indonesia’s main exports to Spain were palm oil, copper ore and concentrates, monocarboxylic acids, steel, and animal and vegetable fats.

Meanwhile, Indonesia’s main imports from Spain were human and animal vaccines, medicines, food coloring, recycled paper or cardboard, and perfumes and fragrances.

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