Indonesia, with a population of more than 270 million, is the largest economy in ASEAN. China has been Indonesia's largest trading partner for nine consecutive years, and China is also Indonesia's second largest source of investment. 2023 is the 10th anniversary of the establishment of China-Indonesia comprehensive strategic partnership. Regarding the cooperation between the two sides, after visiting China last year, Indonesian President Widodo stated that he looked forward to further strengthening friendly cooperation with China and contributing to regional and global prosperity and stability.
RCEP takes effect and activates new potential for China-Indonesia economic and trade cooperation
According to data from the General Administration of Customs of China, from January to December 2022, the total value of imports and exports between China and Indonesia reached 995.69 billion yuan, a cumulative increase of 23.8% over the same period of the previous year. Among them, China exported 475.57 billion yuan to Indonesia, a year-on-year increase of 21.6%; imported 520.12 billion yuan from Indonesia, a year-on-year increase of 26.0%.
On January 2 this year, the "Regional Comprehensive Economic Partnership Agreement" (RCEP) officially entered into force for Indonesia. According to the agreement commitment, Indonesia will immediately implement zero tariffs on 65.1% of the products originating in China, and China will also implement immediate zero tariffs on 67.9% of the products originating in Indonesia. Foreign trade enterprises of the two countries can enjoy the preferential treatment of import tax reduction and exemption.
