Finance Minister Nirmala Sitharaman alongside Indonesian counterpart Mulyani Indrawati announced the launch of the Economic and Financial Dialogue between the two nations at the ministerial level.
This dialogue aims to foster collaboration, promote trade and , and enhance economic cooperation between India and Indonesia, two of the fastest-growing economies in the world.
The platform, unveiled during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, seeks to strengthen cooperation between the two nations and foster a shared understanding on global issues.
Since the adoption of Indias Look East Policy in 1991 and the subsequent Act East Policy, bilateral relations between India and Indonesia have witnessed significant Growth in both commercial and cultural domains.
Indonesia has emerged as Indias largest trading partner in the ASEAN region, with trade between the two countries increasing eightfold since 2005, reaching a remarkable USD 38 billion last year.