Indonesia and the United Kingdom (UK) agreed to complete the Joint Trade Review (JTR) in December of this year, to improve the economic relations between the two countries. This agreement came to light at the second meeting between the two countries held virtually on July 20-21, 2020.
Last year, Indonesian and British governments signed the Terms of Reference of the JTR. The two countries with the largest economies and members of Group 20 have the opportunity to renew and develop the stronger economic ties between the two.
Britain was ranked 22nd of Indonesia’ export destination countries and 23rd in the country of origin of Indonesia’ imports. The total value of Indonesia’s trade with the United Kingdom in 2019 is valued at US$2.4 billion.
The value of Indonesia’ exports and imports to the UK were recorded at $1.4 billion and $1.0 billion, respectively. Meanwhile, the country’ investment value to Indonesia was valued at $87.6 million last year.