India and Indonesia announce launch of the “India – Indonesia Economic and Financial Dialogue” (EFD Dialogue)

Source: The post is based on the article “India and Indonesia announce launch of the “India – Indonesia Economic and Financial Dialogue” (EFD Dialogue)”  published in PIB on 16th July 2023

What is the News?

India and Indonesia have announced the launch of the “India – Indonesia Economic and Financial Dialogue”. 

This platform was launched during the G20 Finance Ministers and Central Bank Governors (FMCBG).

What is India – Indonesia Economic and Financial Dialogue(EFD)?

Aim: To enhance collaboration on bilateral and international economic and financial matters by bringing together economic policymakers and financial regulators from both countries. 

Areas of cooperation include: macroeconomic challenges and global economic prospects, bilateral investment relations, and cooperation in G20 and ASEAN matters.

Significance: EFD Dialogue will not only deepen the bilateral relationship between India and Indonesia, but also contribute to the broader economic and financial stability of Southeast Asia and the world.

How much is the Bilateral Trade between India and Indonesia?

The evolution of India’s ‘Look East Policy’ in 1991, followed by the ‘Act East Policy’, has facilitated a rapid development in bilateral relations between India and Indonesia particularly in the commercial and cultural fields.

Indonesia has emerged as India’s largest trading partner in the ASEAN region, with our trade seeing an eightfold increase since 2005, reaching an impressive $38 billion in FY 2022-23.