Indonesia, US strengthen cooperation on rare earths

Jakarta (ANTARA) - Indonesia's Trade Minister Budi Santoso met the U.S. Chamber of Commerce to strengthen trade ties with Indonesia through the Business 20 (B20) forum.

Minister Santoso stated Indonesia is opening up business cooperation opportunities for the U.S. private sector, from downstream industries and value-added production to supplier development.

Furthermore, opportunities for collaboration remain open in strategic sectors such as rare earth metals and renewable energy.

"We see significant potential to deepen business relations between Indonesia and the U.S., specifically through stronger trade and investment ties, closer technological cooperation, and more integrated supply chains," Santoso said in a statement in Jakarta on Friday.

During the meeting, held on the sidelines of the G20 Trade Ministers' Meeting (TMM) in Milwaukee, Wisconsin, the United States, Santoso also discussed the progress of the Reciprocal Trade Agreement (ART) with the U.S. business community.

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He expressed hope the agreement could soon be implemented and utilized by both nations.

Meanwhile, Vice President and Executive Director for International Policy at the U.S. Chamber of Commerce, Isabelle Icso, responded positively to efforts to enhance business cooperation with Indonesia.

She outlined four key B20 focus areas, they are reducing trade-restrictive policies, modernizing the WTO, eliminating duties on digital trade, and strengthening cross-border investment.

Additionally, the U.S. business community offered collaboration on capacity building and digital payment solutions for Indonesian micro, small, and medium enterprises (MSMEs).

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Translator: Maria Cicilia Galuh Prayudhia, Cindy Frishanti Oct
Editor: Fransiska Ninditya
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