NZ-RI Trade: $6 Billion Goal by 2029
Indonesia and New Zealand Aim for NZ$6 billion Trade by 2029
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Indonesia and New Zealand are strengthening their economic ties, setting a new target to increase bilateral trade to NZ$6 billion (approximately IDR 58.3 trillion) by 2029. This ambitious goal builds upon an interim target of NZ$4 billion (IDR 38.86 trillion) for 2024, signaling a notable commitment to expanding economic cooperation between the two nations.
Strengthening the Comprehensive Partnership
The roadmap for this enhanced collaboration is outlined in the 2025-2029 Indonesia-New Zealand Comprehensive Partnership Plan of Action. Coordinating Minister for Economic Affairs, Airlangga Hartarto, confirmed that the plan was a central topic of discussion during a recent meeting with New Zealand’s Minister for Trade and Investment, Todd McClay.
Both countries are prioritizing the swift implementation of the action plan to foster mutually beneficial collaboration, particularly within the trade and investment sector.This commitment reflects a shared desire to capitalize on emerging opportunities and navigate global economic challenges together.
addressing trade Barriers and Expanding Investment
A key focus of discussions revolved around resolving existing trade barriers, specifically concerning the import of horticultural products, animals, and animal products. These issues are currently being addressed through the World Trade Organization (WTO), and a swift resolution is seen as crucial to unlocking further economic potential.
“By resolving these problems, Indonesia and New Zealand can focus on other strategic initiatives, allowing for better economic cooperation,” Hartarto stated.
Beyond resolving existing hurdles, Indonesia is actively seeking increased investment from New zealand, particularly in the dairy processing sector.This investment is viewed as vital for bolstering Indonesia’s food security and ensuring sustainable national nutritional needs are met. Minister McClay affirmed the capability and readiness of New Zealand companies to meet these demands consistently, highlighting the potential for long-term partnerships.
Supporting Indonesia’s Global Integration
New Zealand has also voiced strong support for Indonesia’s aspirations to join both the Organisation for Economic Co-operation and Progress (OECD) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).Indonesia’s accession to these organizations is expected to drive economic reform within the country and elevate its strategic position on the global stage. Membership in the OECD would signify a commitment to high standards of governance and economic policy, while joining the CPTPP would open up access to new markets and further integrate Indonesia into regional trade networks.
Enhancing the Business environment in Indonesia
The Indonesian government is undertaking significant deregulation efforts across various sectors to improve the ease of doing business and enhance the competitiveness of national industries. These reforms aim to create a more attractive legal framework for both domestic and foreign investment.”This is part of the government’s real efforts to promote ease of doing business across Indonesia,” Hartarto emphasized. These initiatives are designed to streamline bureaucratic processes, reduce regulatory burdens, and foster a more obvious and predictable investment climate.
Recent related developments include:
Indonesia, New Zealand eye collaboration in food, renewable energy
MoU signed to boost Indonesia-New Zealand agricultural trade
* Indonesia eyes doubling trade with New Zealand by 2029