JAKARTA, June 8 (Xinhua) -- Companies from Indonesia and the Philippines on Monday signed countertrade agreements, enabling both sides to conduct import and export transactions without full reliance on the U.S. dollar as a payment vehicle.
The agreements, inked at the Indonesian Ministry of Trade in Jakarta, involved multiple businesses from both nations, with potential trade volume projected to reach 350 million U.S. dollars.
Indonesian Minister of Trade Budi Santoso said countertrade, or barter-based commerce, is expected to bolster bilateral trade while trimming dependence on foreign currencies.
The minister said that the mechanism could help cushion the impact of exchange rate fluctuations, which have recently pressured both currencies. ■
