Finance Minister of India, Nirmala Sitharaman, and Finance Minister of Indonesia, Mulyani Indrawati, jointly announced the commencement of the “India – Indonesia Economic and Financial Dialogue,” at Gandhinagar in Gujarat on Sunday. This initiative was unveiled during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting and aims to enhance collaboration between the two countries while fostering a mutual comprehension of global matters.
Sitharaman stated, “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.”
The EFD Dialogue is poised to enhance collaboration on bilateral and international economic and financial matters by bringing together economic policymakers and financial regulators from both countries. Areas of cooperation inter-alia include macroeconomic challenges and global economic prospects, bilateral investment relations, and cooperation in G20 and ASEAN matters. Recognising the potential of the digital economy, the two Finance Ministers also noted the potential of collaboration in the field of fintech for financial inclusion.
This dialogue promises to offer a unique opportunity for mutual learning and policy coordination. The Finance Ministers concluded with a shared optimism that the EFD Dialogue will not only deepen the bilateral relationship between India and Indonesia, but also contribute to the broader economic and financial stability of Southeast Asia and the world.