The "India-Indonesia Economic and Financial Dialogue" (EFD Dialogue) was announced by Finance Minister Nirmala Sitharaman and her Indonesian counterpart Mulyani Indrawati. The platform, which was unveiled during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Gandhinagar, aims to strengthen bilateral cooperation and foster a common understanding of global issues.

"The evolution of India's 'Look East Policy' in 1991, followed by the 'Act East Policy', has facilitated rapid development in our bilateral relations, particularly in the commercial and cultural fields," Sitharaman said. "Indonesia has emerged as India's largest ASEAN trading partner, with our trade increasing eightfold since 2005, reaching an impressive $38 billion in 2022-23," she added.

By bringing together economic policymakers and financial regulators from both countries, the EFD Dialogue aims to improve collaboration on bilateral and international economic and financial issues. Cooperation areas include, among other things, macroeconomic challenges and global economic prospects, bilateral investment relations, and cooperation in G20 and ASEAN matters. Recognising the potential of the digital economy, the two Finance Ministers also discussed the potential of fintech collaboration for financial inclusion. Both concluded with the hope that the EFD Dialogue will not only strengthen India-Indonesia relations, but will also contribute to the overall economic and financial stability of Southeast Asia and the world.