INDIA-INDONESIA EFD

Context:
  • India and Indonesia have announced the launch of the “India – Indonesia Economic and Financial Dialogue”.
  • The platform unveiled during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, seeks to strengthen cooperation between the two nations and foster a shared understanding on global issues.
About Economic and Financial Dialogue (EFD):
  • Joint collaboration: The EFD Dialogue will enhance collaboration on bilateral and international economic and financial matters by bringing together economic policymakers and financial regulators from both countries.
  • Areas of cooperation: Macroeconomic challenges and global economic prospects, bilateral investment relations, field of fintech for financial inclusion and cooperation in G20 and ASEAN matters.
  • Mutual learning and policy coordination: Given the similarities between India and Indonesia as fast-growing economies, and their active roles in multilateral organisations such as G-20, WTO, and East Asia Summit, this dialogue promises to offer a unique opportunity for mutual learning and policy coordination.
  • Economic and financial stability: 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.
G20:
  • The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union (EU).
  • It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
  • The G20 was founded in 1999 in response to several world economic crises.
  • Since 2008, it has convened meeting at least once a year, with summits involving each member’s head of government or state, finance minister, or foreign minister, and other high-ranking officials.
News Source: pib

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