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.
- 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.
- 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.