Egypt, Indonesia Strengthen Ties ahead of High-Level Joint Committee Meeting

The Ministry of Foreign Affairs announced in a statement on Saturday that Egypt and Indonesia have completed the seventh round of political consultations in Jakarta on Thursday, as part of their preparations for the upcoming high-level joint committee meeting.

The date for the high-level joint committee meeting, which will be presided over by the foreign ministers of both countries, has not yet been announced.

"The committee will be held in the near future to enhance cooperation in all fields," as per the statement.

According to the statement, the round of political consultation was held on 20 July, headed by the Egyptian Assistant Foreign Minister for Asian Affairs Ayman Kamel, and the Assistant Foreign Minister of Indonesia Abdul Qadir Al-Jilani.

The political consultations covered a wide range of topics related to bilateral relations, including political, economic, trade, cultural, educational, and research fields.

Both sides stressed the significance of implementing previously signed agreements and memorandums of understanding (MoUs), as well as accelerating negotiations on pending mutual commitments. They also underscored the importance of boosting high-level visits between the two nations.

During the consultations, the significance of increasing trade volume between the two countries, particularly through fair trade deals, was highlighted as a crucial aspect.

Additionally, they explored ways to promote Indonesian investments in Egypt, leveraging the economic opportunities provided by the Suez Canal Economic Zone, which offers access to African markets through Egypt's free trade agreements with various partners worldwide.

To achieve this goal, the trade ministers of both nations signed a MoU in May to create a Joint Trade Committee.

"The agreement will help the private sector in Egypt and Indonesia launch trade partnerships," Minister of Trade and Industry Ahmed Samir said during the signing ceremony.

Samir noted that Indonesian investments in Egypt have already exceeded $58 million across 28 different projects in sectors such as industry, services, construction, telecommunications, and information technology.

The minister disclosed that trade between Egypt and Indonesia reached roughly $1.5 billion in 2022.

According to Samir, the primary products traded between the two nations are palm oil, mineral and chemical fertilizers, as well as phosphate fertilizers.

In February of this year, Egypt's trade balance deficit decreased by 48.2 percent to $2.1 billion, compared to $4.06 billion in the previous year.

In addition, exports were valued at $3.44 billion in February, a decrease of 22.2 percent compared to the previous year, while imports declined by 34.7 percent y-o-y to $5.54 billion during the same month.