On 25 May 2025, the Indonesian Trade Minister, Budi Santoso, and the Singaporean Deputy Prime Minister and Minister of Trade and Industry, Gan Kim Yong, met in Kuala Lumpur, Malaysia, following the 25th ASEAN Economic Community Council-AECC Meeting. The purpose of the strategic forum is to strengthen trade relations between the two countries and to discuss emerging global trade issues. The meeting agenda included a range of issues, including the planned reorganisation of the Indonesia-Singapore Annual Ministerial Dialogue (AMD) for this year, set to take place in Labuan Bajo, as well as the proposed Future of Investment and Trade Partnership (FIT-P), the impact of US tariffs, and the WTO's moratorium on import duties on electronic transmissions.
In principle, Indonesia is committed to a fair, open, inclusive and rules-based international trading system. The government of Indonesia needs time to thoroughly study the proposals and first consolidate its position internally. Furthermore, with regard to the matter of tariffs in the United States, Indonesia opted for a diplomatic approach, seeking to engage in constructive dialogue. Indonesia's current strategy to strengthen its economic resilience includes encouraging micro, small, and medium enterprises to export, a diversification of export markets, and an optimisation of trade remedies instruments. Furthermore, Minister Gan expressed his gratitude for the current bilateral relations and stressed the significance of collaboration between the two countries. Moreover, he reaffirmed the commitment to sustaining stable regional trade amidst global economic uncertainty. Additionally, Singapore particularly invited Indonesia to participate in both the FIT-P and JSI e-Commerce initiatives.
