The initiative dubbed “India-Indonesia Economic and Financial Dialogue” (EFD Dialogue) was announced on Sunday by Indian Minister Nirmala Sitharaman and her Indonesian counterpart Mulyani Indrawati, and will be an opportunity for learning and policy coordination between the two nations.

In addition to strengthening bilateral cooperation, the officials explained to the press that the project will also foster the promotion of shared understanding on global issues.

Sitharaman explained that the EFD Dialogue is set to enhance collaboration on bilateral and international economic and financial issues by bringing together industry policy makers and financial regulators from both countries.

Areas of cooperation include macroeconomic challenges and global prospects, bilateral investment relations, and cooperation on G20 and Association of Southeast Asian Nations (ASEAN) affairs, she said.

Sitharaman and her Indonesian colleague recognized the potential of the digital economy and of collaboration in the field of technology financing. They also agreed on the optimism about the positive impact they expect from the Dialogue on the relationship between their countries and on greater economic and financial stability in Southeast Asia and the world.

Lastly, Sitharaman highlighted the momentum of the ties reached between the two States, favored by New Delhi’s policies of looking and acting towards the East, particularly in the cultural and commercial spheres, as per the official.

She noted that Indonesia has become India’s largest trading partner in Asia, with trade reaching $38 billion in fiscal year 2022-23, an impressive figure, in her words.

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