Indonesia and Brazil are exploring opportunities to enhance economic and trade cooperation between the two nations in various fields, including energy and food security, as well as domestic cattle farming investments. Indonesian Foreign Minister and Brazilian Foreign Minister held bilateral talks in Jakarta on Monday. During the meeting, Retno stated that Brazil is Indonesia's largest trading partner and the largest Latin American investor in Indonesia. During a joint press conference following the meeting, Indonesia Foreign Minister outlined several proposals made by Indonesia to strengthen economic cooperation between the two countries. These proposals include encouraging Brazil to open its market to Indonesian fisheries products and jointly developing vaccines for animal diseases.
The Minister also expressed hope for Brazil to cooperate in the field of renewable energy, including ethanol production, sugarcane cultivation, and collaborative research to enhance biofuel production. The Minister also emphasised that energy and food security must be the priority of the bilateral relationship between the two countries. Meanwhile, Foreign Minister Vieira stated that Indonesia and Brazil agreed to relaunch their strategic partnership with the adoption of a three-year action plan. He mentioned that the latest action plan would serve as a guideline for bilateral cooperation in several areas, including trade and investment, renewable energy, sustainable development, healthcare, technology, and innovation. According to data from the Indonesian Ministry of Trade, the total trade between Indonesia and Brazil in 2022 reached USD 5.38 billion, with Indonesia's exports to Brazil amounting to USD 1.48 billion and imports totaling USD 3.90 billion. Indonesia's major exports to Brazil include natural rubber and rubber products, polyester textile yarn, cocoa, palm oil, copper, and automotive parts. On the other hand, major imports from Brazil include iron ore, soybeans, pulp, cotton, sugarcane, tobacco, automotive parts, wood adhesives, and leather.
