Minister of trade, Muhammad Lutfi, said that Indonesia reached an investment and trade agreement with China worth of US$2.71 billion during his visit together with state own enterprises (SOEs) minister, Erick Thohir, and foreign minister, Retno Marsudi, on April 1- 3. He conveyed that in the next three years, both countries are committed to increasing exports by three times, from around $31 billion to $100 billion in 2024.
“The trade agreement comes from the commitment of six Chinese companies that will import swallow’ nest products, tropical fruit, especially pineapples, porang, palm sugar and furniture,” Lutfi told the media in a joint press conference held on Friday (2/4).
He has met with five companies that will import swallow’ nests from Indonesia with a value of more than $1.13 billion, furniture over than $200 million, and investments amounted to $1.38 billion. For furniture products, he explained, the Shandong Jinruyi Group expressed its interest in investing in Indonesia.
Indonesia and China also agreed to optimize existing agreements such as the ASEAN–China Free Trade Agreement scheme and the Regional Comprehensive Economic Partnership. The two countries also agreed to strengthen multilateral trade within the framework of the World Trade Organization (WTO).