Abu Dhabi, UAE, July 23, 2024

The UAE has signed a memorandum of understanding (MoU) with Indonesia to enhance cooperation in public financial management. The agreement covers a range of financial practices, including macro and fiscal policy, debt management, and climate finance.

The MoU aims to facilitate the exchange of knowledge through study visits, training programs, workshops, and seminars. Additionally, a joint council will be established under this agreement to ensure its effective implementation and to monitor ongoing cooperation between the two nations.

Expanding Horizons of Cooperation

His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, stated: 'The signing of the MoU on public financial management between the UAE and Indonesia is yet another testament to the commitment of the two friendly nations to develop bilateral relations and expand cooperation across various fields. The MoU is set to strengthen financial and economic policies that support sustainable development in both countries.

“We are confident that this MoU will significantly enhance the efficiency of public financial management in both countries by facilitating the exchange of experiences and knowledge and by leveraging international best practices in the financial sector. This partnership aligns with the UAE's vision to develop strategic relations globally, achieve shared prosperity, and elevate the level of economic and financial cooperation,' the Minsiter added.

Bilateral Relations

The UAE and Indonesia share robust and flourishing bilateral relations, with trade volumes reaching approximately $4 billion in 2023. The UAE's exports to Indonesia predominantly consist of petroleum products, petrochemicals, aluminum, and electrical machinery, while imports from Indonesia mainly include agricultural commodities like coffee and tea, alongside food products, electronics, and textiles.

Economically, the two nations are connected through several pivotal agreements, including the Double Taxation Avoidance Agreement (DTA), the Bilateral Investment Treaty (BIT), and the Comprehensive Economic Partnership Agreement (CEPA).