General & Misc

Indonesia, Vietnam agree to enhance Trade, Investment Partnership

Date: 12 September 2018; Type: Industry Updates; Source: Antara

Jakarta, Sept 12 (ANTARA News) - Indonesia and Vietnam have agreed to enhance cooperation in the fields of trade and investment when the leaders of the two countries met on Tuesday.

The upward trend of bilateral trade between the two neighboring nations will always be developed for the benefit of the two countries` welfare, Indonesian President Joko Widodo stated during a joint press conference with Vietnamese President Tran Dai Quang at the Vietnamese Presidential Palace in Hanoi.

"In the past three years, the trend of our trade is quite good, with a value of US$6.8 billion. We want our trade to increase to $10 billion in 2020," the Indonesian president was quoted as saying by the Presidential Secretariat`s Deputy for Protocol, Press, and Media Bey Machmudin in a written statement.

To this end, the two countries are determined to eliminate trade barriers, among others.

"I have just sought President Tan Dai Quang`s attention to eliminate trade barriers, including those related to Indonesian automotive product exports (to Vietnam)," he stated.

He further urged Indonesian investors to expand their businesses in Vietnam. Indonesian investors are one of the oldest and first to invest in Vietnam.

"I have also called on President Tran Di Quang to protect and treat Indonesian investors in a fair and good manner," he added.

At the meeting, the two nations also agreed to cooperate in eradicating illegal fishing in each other`s waters.

"Hence, the government signed a joint communiqu? on IUU (illegal, unreported and unregulated) fishing during the visit. This is of great significance," he stated.

The two leaders also agreed to intensify the discussion on the exclusive economic zone between the two countries.

President Joko Widodo also affirmed that Indonesia warmly welcomed the progress achieved in the negotiations on the code of conduct in the South China Sea.

"I welcome the progress achieved in the negotiations on the code of conduct. Of course, this will greatly contribute to turning the South China Sea into a secure, fair, and peaceful region," he noted.

During the visit, President Widodo and President Quang also witnessed the signing of two Memoranda of Understanding (MoUs).

The foreign ministers of the two countries signed the MoUs on the action plan for the Indonesia-Vietnam strategic partnership for the 2019-2023 period.

Meanwhile, the Indonesian foreign minister also signed a joint communiqu? with the Vietnamese minister of agriculture and rural development to fight illegal fishing and promote sustainable fishing governance.

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