Indonesia, Thailand Target US$20 Billion Bilateral Trade by 2030

Indonesia and Thailand are set to strengthen economic cooperation with an ambitious target to boost bilateral trade to US$20 billion by 2030. This goal signifies the two nations' commitment to further expand trade and investment within the framework of the ASEAN Economic Community (AEC). Key discussion points are expected to include reducing non-tariff barriers, improving market access for each other, and enhancing the investment climate. Indonesian economic ministers emphasized that trade relations with Thailand are particularly crucial within ASEAN, and achieving this target will significantly contribute to the economic growth of both countries. Thailand, in turn, acknowledged that Indonesia's vast market and the strengthening of bilateral supply chains are essential for regional economic stability and development. Beyond trade promotion measures for specific commodities, the two countries may also explore cooperation in emerging sectors such as the digital economy and the green economy. This agreement is anticipated to be a significant step towards deepening economic integration within the ASEAN region.