India, Indonesia discuss financial sector ties and local currency transactions

Indian Finance Minister Nirmala Sitharaman and Indonesian Vice Minister of Finance Juda Agung convened in Jaipur on August 12 to deepen bilateral ties in the financial sector. The meeting, held on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting, focused on enhancing collaboration in international financial services and promoting economic engagement between the two nations.

Sitharaman highlighted the "golden era" of the Comprehensive Strategic Partnership between India and Indonesia, referencing Prime Minister Narendra Modi's recent state visit. The discussions centered on administrative and policy mechanisms to bolster economic ties, including specific operational frameworks for financial services and bilateral commerce. Both sides expressed a commitment to strengthening trade relations and exploring avenues for local currency transactions.

The leaders also emphasized the importance of multilateral cooperation, particularly among Global South members. They agreed to continue working closely within international institutions, with Agung acknowledging India's robust economic growth and resilience. The discussion touched upon navigating global economic uncertainties by sustaining growth through structural reforms, infrastructure investment, and Digital Public Infrastructure, all deemed critical for macroeconomic stability.

The meeting underscored the shared commitment of India and Indonesia to foster closer economic and financial ties, building on existing strategic partnerships and aiming for mutual growth amidst a dynamic global economic landscape.

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FM Smt. @nsitharaman noted that Prime Minister Shri @narendramodi's State Visit to Indonesia last month has taken the Comprehensive Strategic Partnership into its 'golden era'.