UAE and Indonesia Sign MoU to Enhance Cooperation in Public Financial Management
Abu Dhabi, The Gulf Observer: The United Arab Emirates (UAE) has formalized a new partnership with Indonesia through the signing of a Memorandum of Understanding (MoU) aimed at improving cooperation in public financial management. This agreement encompasses a broad spectrum of financial practices, including macro and fiscal policy, debt management, and climate finance.
The MoU is designed to promote the exchange of knowledge between the two nations through study visits, training programs, workshops, and seminars. To ensure effective implementation and ongoing collaboration, a joint council will be established under the agreement.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted the significance of the MoU, stating, “The signing of the MoU on public financial management between the UAE and Indonesia is yet another testament to the commitment of the two friendly nations to develop bilateral relations and expand cooperation across various fields. The MoU is set to strengthen financial and economic policies that support sustainable development in both countries.”
Minister Al Hussaini expressed confidence that the MoU will greatly enhance the efficiency of public financial management in both countries by facilitating the exchange of experiences and knowledge and by leveraging international best practices in the financial sector. “This partnership aligns with the UAE’s vision to develop strategic relations globally, achieve shared prosperity, and elevate the level of economic and financial cooperation,” he added.
The UAE and Indonesia have a strong and growing bilateral relationship, with trade volumes reaching approximately $4 billion in 2023. The UAE primarily exports petroleum products, petrochemicals, aluminum, and electrical machinery to Indonesia, while imports from Indonesia include agricultural commodities such as coffee and tea, as well as food products, electronics, and textiles.
Additionally, the economic ties between the two nations are reinforced through several key agreements, including the Double Taxation Avoidance Agreement (DTA), the Bilateral Investment Treaty (BIT), and the Comprehensive Economic Partnership Agreement (CEPA).
