Indonesia's Foreign Minister, Retno Marsudi, and China's Foreign Minister, Wang Yi, held the 5th Joint Commission for Bilateral Cooperation (JCBC) meeting on Friday, August 23, 2024, in Beijing, China. The meeting emphasized enhancing trade cooperation, particularly in export-import activities. Retno stated that China agreed to support increasing Indonesia's exports to the country. She highlighted that Indonesia is pushing for the swift conclusion of export protocol negotiations for frozen durian and coconut to China, believing that finalizing these protocols will significantly boost trade between the two nations. The meeting also addressed strengthening cooperation in downstream industries and green energy, with Retno emphasizing the importance of quality partnerships adhering to Environmental, Social, and Governance (ESG) standards and international norms, including the UN Guiding Principles on Business and Human Rights.
Additionally, both countries agreed to enhance cooperation between their coast guards and strengthen Chinese electric vehicle (EV) investments in Indonesia to support the development of the EV industry ecosystem. Over the past decade, Indonesia-China relations have grown significantly. In 2014, trade between the two nations amounted to USD 63.66 billion, with Indonesia experiencing a trade deficit of USD 14.48 billion. By 2023, trade had surged to USD 139.26 billion, with Indonesia achieving a surplus of USD 8.88 billion. Investment figures also reflect this growth, with China's investments in Indonesia rising from USD 800 million in 2014 to USD 7.43 billion in 2023, according to data from Indonesia's Investment Coordinating Board (BKPM).
