Indonesia, Vietnam target US$18 billion trade by 2028
Baku, July 14, AZERTAC
Indonesia and Vietnam have agreed to strengthen economic cooperation to achieve a bilateral trade target of US$18 billion by 2028, Indonesian Foreign Minister Sugiono stated.
The commitment was established through a memorandum of understanding (MoU) signed by Foreign Minister Sugiono and his Vietnamese counterpart, Le Hoai Trung, following the 6th Joint Commission on Bilateral Cooperation (JCBC) meeting in Jakarta on Tuesday, Antara reported.
"Regarding economic cooperation, we reaffirm our commitment to achieving a bilateral trade target of US$18 billion by 2028," Minister Sugiono said in a joint press statement with Minister Trung.
To achieve the target, Indonesia and Vietnam have agreed to increase two-way trade and investment and eliminate trade barriers in both countries, he added.
The two countries will also increase interaction between their respective business communities and follow up on all existing bilateral agreements and MoUs to produce concrete outcomes.
In addition to economic partnerships, the strategic partnership action plan includes implementing bilateral agreements regarding exclusive economic zones (EEZs). It also covers enhanced defense and security cooperation in the maritime sector and the prevention of cross-border crime, particularly narcotics trafficking.
The two ministers also agreed to encourage closer cooperation in agriculture, science, technology, the electric vehicle supply chain, and the digital economy.
Foreign Minister Trung stated that Vietnam and Indonesia have agreed to strengthen cooperation in connectivity to complement their partnership in trade and investment.
He expressed optimism that the bilateral trade target would be easily achieved and even exceeded, given the strong performance of Indonesia-Vietnam trade to date.
"I even heard that our trade this year alone has almost reached US$18 billion, so there is a strong possibility that we can exceed the target set for 2028," Trung remarked.
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