Indonesia and Saudi Arabia discuss expanded trade collaboration

Indonesia and Saudi Arabia have agreed to strengthen trade.

Indonesia’s Trade Minister reported that the two countries will share trade databases to encourage business cooperation.

Entrepreneurs from Saudi Arabia were attracted by Indonesia’s woodcraft products and are keen to expand trade in this area, according to the chairman of the Indonesian Chamber of Commerce and Industry (Kadin).

Saudi Arabia is part of the Gulf Cooperation Council Customs Union. Any trade deals must be conducted through this Union.

In recent years Indonesia’s trade with Saudi Arabia has been declining, falling to US$5 Bn in 2016 compared to US$8 Bn in 2015.

 

Source: ITTO