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Finance Minister Nirmala Sitharaman and her Indonesian counterpart Mulyani Indrawati on Sunday announced the launch of the “India–Indonesia Economic and Financial Dialogue” (EFD Dialogue).

The platform, unveiled during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting at Gandhinagar, seeks to strengthen cooperation between the two nations and foster a shared understanding on global issues.

"The evolution of India's ‘Look East Policy’ in 1991, followed by the ‘Act East Policy’, has facilitated a rapid development in our bilateral relations, particularly in the commercial and cultural fields,” Sitharaman said.

“Indonesia has emerged as India’s largest trading partner in the ASEAN region, with our trade seeing an eightfold increase since 2005, reaching an impressive $38 billion in 2022-23," she added.

The EFD Dialogue is poised to enhance collaboration on bilateral and international economic and financial matters by bringing together economic policymakers and financial regulators from both countries.

Areas of cooperation inter-alia, include macroeconomic challenges and global economic prospects, bilateral investment relations, and cooperation in G20 and ASEAN matters.

Recognising the potential of the digital economy, the two Finance Ministers also noted the potential of collaboration in the field of fintech for financial inclusion. Both concluded with a shared optimism that the EFD Dialogue will not only deepen the bilateral relationship between India and Indonesia, but also contribute to the broader economic and financial stability of Southeast Asia and the world.