The platform seeks to strengthen cooperation between the two nations.
New Delhi: Ms. Sri Mulyani Indrawati, the Minister of Finance of Indonesia, and Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, launched the ‘India – Indonesia Economic and Financial Dialogue’. This platform, introduced during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, aims to foster cooperation between the two nations and promote a shared understanding of global issues.
During the meeting, Union Finance Minister Smt. Sitharaman stated, ‘The evolution of India’s ‘Look East Policy’ in 1991, followed by the ‘Act East Policy’, has facilitated a rapid development in our bilateral relations, particularly in the commercial and cultural fields’.
‘Indonesia has emerged as India’s largest trading partner in the ASEAN region, with our trade seeing an eightfold increase since 2005, reaching an impressive $38 billion in FY 2022-23,’she added.
The EFD Dialogue is set to enhance collaboration on bilateral and international economic and financial matters by bringing together economic policymakers and financial regulators from both countries. Key areas of cooperation include macroeconomic challenges, global economic prospects, bilateral investment relations, and collaboration in G20 and ASEAN matters. Recognizing the digital economy’s potential, the two Finance Ministers also acknowledged the opportunities for collaboration in fintech to further financial inclusion.
This Dialogue promises to offer a unique opportunity for mutual learning and policy coordination.
The Finance Ministers concluded with shared optimism that the EFD Dialogue will deepen the bilateral relationship between India and Indonesia while contributing to Southeast Asia’s broader economic and financial stability and the world.
