The United Arab Emirates has signed a memorandum of understanding (MoU) with Indonesia to strengthen cooperation in public financial management.
The agreement covers a wide range of financial practices, including macro and fiscal policies, debt management and climate finance.
The MoU aims to promote knowledge exchange through visits, training programs, workshops and seminars. Additionally, a Joint Council will be established under the agreement to ensure effective implementation of the agreement and monitor ongoing cooperation between the two countries.
Mohamed Hadi Al Hussaini, Minister of State for Finance, said: “The signing of the Memorandum of Understanding on Public Financial Management between the UAE and Indonesia is a further testament to the determination of the two friendly countries to develop relations between the two countries and expand cooperation in various fields. The MoU aims to strengthen financial and economic policies that support the sustainable development of both countries.”
“We are confident that this MoU will significantly enhance the efficiency of public financial management in both countries by promoting the exchange of experience and knowledge and leveraging international best practices in the financial sector. This partnership is in line with the UAE’s vision to develop strategic relations globally, achieve common prosperity, and increase the level of economic and financial cooperation,” the minister added.
The UAE and Indonesia share a strong and prosperous bilateral relationship, with trade volume expected to reach approximately $4 billion in 2023. The UAE’s exports to Indonesia consist mainly of petroleum products, petrochemicals, aluminium and electrical machinery, while imports from Indonesia are mainly agricultural products such as coffee and tea, food, electronics and textiles.
Economically, the two countries are linked through several important agreements, including the Bilateral Tax Avoidance Agreement (DTA), Bilateral Investment Treaty (BIT) and Comprehensive Economic Partnership Agreement (CEPA).