Author: AsiaOne

Indonesia and Japan have successfully concluded negotiations to enhance their bilateral economic agreements, marking a crucial step towards improved trade relations. The announcement was made by Indonesia’s Foreign Minister, Retno Marsudi, on December 16, following discussions between Indonesian President Joko Widodo and Japanese Prime Minister Fumio Kishida.

As part of the agreement, Japan has committed to removing trade barriers, granting greater access for Indonesian products. This includes the elimination of tariffs on processed fishery items, a move that is expected to boost Indonesia’s export of such products. The banking sector is also set to benefit from improved relations between the two nations.

The negotiations aimed at amending the Indonesia-Japan Economic Partnership Agreement (IJEPA), initially signed in 2007, are nearing completion. Both countries are optimistic about implementing the amended agreement by the first quarter of 2024. However, the formal signing and ratification by their respective parliaments, following legal checks, are yet to take place.

During the meeting, President Joko Widodo emphasized the strategic importance of Indonesia and Japan’s collaboration on critical minerals. This collaboration aligns with Indonesia’s ambition to position itself as a key player in the global electric vehicle (EV) battery supply chain. Jakarta had specifically sought the removal of tariffs on its canned tuna exports, further emphasizing the mutual commitment to fostering economic growth and cooperation.

The developments unfold against the backdrop of a Tokyo summit commemorating 50 years of diplomatic ties between Japan and the Association of Southeast Asian Nations (ASEAN).

In a bid to enhance regional security amid rising tensions in the South China Sea, Japan and Malaysia signed a comprehensive security assistance deal on Saturday. The agreement, celebrated on the sidelines of a Tokyo summit marking 50 years of Japan-ASEAN ties, solidifies the relationship between the two nations.

Under the terms of the deal, Japan will extend a grant of 400 million yen ($2.8 million) to Malaysia, focusing on boosting maritime security capabilities. The aid package includes the provision of essential equipment such as rescue boats and supplies aimed at fortifying Malaysia’s maritime defenses.

Japanese Prime Minister Kishida expressed his satisfaction with the deepening of ties, heralding the elevation of the Japan-Malaysia relationship to a “comprehensive strategic partnership,” according to a statement from Japan’s foreign ministry.

This move follows similar security agreements between Japan and the Philippines and Bangladesh earlier this year. It aligns with Japan’s broader initiative announced in April to provide financial assistance to developing countries to strengthen their defense capabilities.

As tensions escalate in the South China Sea, where ASEAN members, including Malaysia, the Philippines, Vietnam, Indonesia, and Brunei, contest territorial claims with China, Japan’s strategic support aims to counterbalance an increasingly assertive China. The three-day summit in Tokyo seeks to bolster ASEAN’s international standing and facilitate diplomatic relations, particularly in managing ties with major players like China.

The assistance deal, along with Kishida’s planned individual meetings with each ASEAN leader during the ongoing summit, underscores Japan’s commitment to regional stability and collaborative efforts to address shared security concerns among Asian nations.

Prime Minister Narendra Modi inaugurated the Surat Diamond Bourse, now recognized as the world’s largest and most modern center for international diamond and jewelry business. The grand opening followed the inauguration of a state-of-the-art integrated terminal building at Surat airport earlier in the day.

Located in Khajod village near Surat city, the Surat Diamond Bourse is housed in a colossal building, boasting over 67 lakh square feet of floor area—the largest office complex globally. This monumental structure will serve as a global hub for the trading of both rough and polished diamonds, as well as exquisite jewelry.

The inauguration marks a significant stride in India’s position in the international diamond and gemstone trade, solidifying Surat’s status as a key player in the industry. The bourse’s strategic location and cutting-edge facilities are set to attract traders and businesses from around the world.

This development aligns with the government’s vision to boost economic growth and promote India as a global leader in the diamond and jewelry sector. The Surat Diamond Bourse is poised to redefine the landscape of international diamond trading, contributing to the nation’s economic prosperity and global influence.