Sunday , April 21 2024

Vietnam, Indonesia complete negotiations to determine EEZ boundaries

Vietnam and Indonesia have finished negotiations to determine boundaries between the countries’ exclusive economic zones (EEZs).

President Nguyen Xuan Phuc and his Indonesian counterpart Joko Widodo said after a Thursday meeting that negotiations have been completed in accordance with international law, including the United Nations Convention on the Law of the Sea, according to the Ministry of Foreign Affairs.

The two also discussed trade cooperation, aiming to increase bilateral trade turnover to $15 billion before 2028 and reduce trade imbalance.

Bilateral trade turnover in the first 11 months of this year reached nearly $13 billion, exceeding the numbers in 2021 and was at the highest level ever seen.

Phuc requested Indonesia to consider lessening trade obstacles and provide opportunities for Vietnamese goods to be imported into Indonesia.

Both leaders agreed to provide opportunities for businesses to diversify their fields of investment cooperation, including the digital economy and sustainable energy. They also agreed to bolster cooperation in other fields like defense, security, tourism and education.

Phuc is on a state visit to Indonesia from Wednesday to Friday.

Vietnam and Indonesia became strategic partners in 2013. Indonesia is Vietnam’s third largest trade partner in ASEAN, while Vietnam is Indonesia’s fourth largest trade partner in ASEAN.

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