Jakarta (ANTARA) - Minister of Trade Budi Santoso conveyed Indonesia's support for the Annual Ministerial Dialogue (AMD) between Indonesia and Singapore in 2025 as the implementation of an inter-ministerial dialogue forum in trade sector.
This initiative can be a forum for constructive dialogue and exchange of information as well as exploration of concrete actions to strengthen trade facilitation and encourage economic growth, he said in a statement received here on Sunday.
The AMD is designed as an annual meeting for the two countries' trade ministers, which aims to increase trade collaborations, he added.
According to Santoso, this meeting is a strategic platform to develop trade promotion, facilitate discussions on important international trade issues, and explore new issues.
At a meeting with Singapore's Minister of Trade Relations Grace Fu on Friday, he said he had also asked for support from Singapore regarding Indonesia's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
By joining the CPTPP, Indonesia is confident that is can expand market access and deepen economic integration both regionally and globally, the minister said.
"This membership also supports more progressive trade policies for increase the capacity of our national trade volume," he continued.
In January-March 2025, the total trade value of the two countries reached US$7.54 billion. The value of Indonesia's export to Singapore during that period was recorded at US$2.96 billion while the value of its import from Singapore stood at US$4.59 billion.
In 2024, the total trade value of the two countries was recorded at US$33.72 billion. Meanwhile, Singapore's investment in Indonesia in 2024 was recorded at US$20 billion. This value increased by 41.44 percent compared to that of the previous year.
Singapore is ranked fifth as an export destination and second place as an import origin for Indonesia. Indonesia's main export products to Singapore incude natural gas, petroleum oil, gold, and petroleum residue.
Meanwhile, Indonesia's main import products from Singapore are natural gas, automatic data processing machines, cyclic hydrocarbons, and gold.
