The United Arab Emirates (UAE) and Indonesia have entered into a partnership by signing Memorandum of Understanding (MoU) to improve cooperation in public financial management.
The agreement includes several financial practices, such as macro and fiscal policy, debt management and climate finance. The aim of this collaboration is to promote the exchange of knowledge by conducting study tours, training programs, workshops and seminars. Also, in accordance with this agreement, a joint council will be formed to ensure its effective implementation and to monitor the cooperation between the two countries.
Mohamed bin Hadi Al Hussaini Minister of State for Financial Affairs UAE
“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.”
The Minister also added that, “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 bilateral relations between the UAE and Indonesia is strong and flourishing, with trade volumes reaching approximately $4 billion in the last year. Petroleum products, petrochemicals, aluminum, and electrical machinery are the primary commodities exported by the UAE to Indonesia, while agricultural products like coffee, tea are predominantly imported.
The bilateral economic ties between the two nations involve various significant agreements, including the Double Taxation Avoidance Agreement (DTA), the Bilateral Investment Treaty (BIT), and the Comprehensive Economic Partnership Agreement (CEPA).
