JAKARTADAILY.ID – Indonesian Minister of Trade Zulkifli Hasan emphasized that there was a new round of increasing economic cooperation between Indonesia and China through the signing of the Agreement on Further Expanding and Deepening Bilateral Economic and Trade Cooperation (BETC)
The increase in bilateral cooperation is expected to optimize market potential while simultaneously expanding the areas of bilateral economic, trade, and investment cooperation.
This statement was made by the Minister of Trade Zulkifli Hasan after the signing of the Agreement during a series of activities at the G20 Summit in Nusa Dua, Bali, Wednesday, 16 November 2022.
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The signing was carried out directly by the Minister of Trade Zulkifli Hasan and the Minister of Trade of China Wang Wentao and witnessed by Indonesian President Joko Widodo and China’s Xi Jinping.
"The signing of the BETC that I just did with Minister Wang Wentao marks a new chapter in efforts to increase cooperation between Indonesia and China. This year's renewal of the BETC Agreement shows clear evidence of the commitment of the two countries to optimize market potential while expanding the areas of bilateral economic, trade, and investment cooperation,” said Trade Minister Zulkifli Hasan.
“Apart from that, BETC also serves as an umbrella for the formation of the Joint Commission on Economic and Trade Cooperation,” he added.
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BETC is the legal umbrella for economic and trade cooperation between Indonesia and China. Both countries agreed to renew this BETC Agreement because the previous BETC agreement expired in April 2021.
Trade Minister Zulkifli Hasan believes that the BETC update will be beneficial to further improve the trade and economic performance of the two countries.
He also believes that discussion efforts within the BETC framework will become a forum for addressing various trade issues that are considered to affect the smooth running of trade between the two countries.
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