President Jokowi has successfully secured business agreements worth US$25.85 billion or approximately Rp400 trillion (assuming an exchange rate of Rp15,493 per US dollar) after meeting with US President Joe Biden.

This information was conveyed by Foreign Minister Retno Marsudi, who accompanied President Jokowi during the bilateral visit. Retno stated that Indonesia was the only country invited to meet Biden at the White House before the Asia-Pacific Economic Cooperation (APEC) Summit in 2023 in San Francisco, USA.

"In terms of business, agreements have been reached for a business collaboration worth US$25.85 billion, including investments in carbon capture storage (CCS) and petrochemical refineries, processing nickel for electric vehicle (EV) batteries, and the development of modules and solar panels," she said in a press release on the Presidential Secretariat's YouTube channel on Tuesday (14/11).

After leaving Washington, President Jokowi will proceed to San Francisco to attend the APEC Summit, IPEF leaders meeting, and various other activities, including business meetings with American entrepreneurs," added Retno.

Retno detailed six key points agreed upon by Jokowi and Biden in their meeting on Monday (13/11) at the White House.

Firstly, Indonesia and the United States agreed to elevate the status of their bilateral relationship from a strategic partnership to a Comprehensive Strategic Partnership (CSP). Retno mentioned that the Indonesia-US CSP will serve as a strong foundation for strengthening bilateral cooperation, particularly in the economic field.

Secondly, Jokowi and Biden agreed on the importance of strengthening cooperation in critical mineral resources. A plan will be devised towards the formation of a Critical Mineral Agreement (CMA).

Once the CMA is established, Retno stated that Indonesia will become a sustainable and long-term supplier of electric vehicle batteries to the United States.

"The two leaders agreed on the prompt implementation of the Just Energy Transition Partnership (JETP). President Jokowi conveyed his hope for the United States to support efforts to accelerate Indonesia's energy transition, including the early retirement of coal-fired power plants and the development of Indonesia's electricity transmission and distribution network," she said regarding the third agreement.

Fourthly, Retno mentioned that Indonesia has been officially selected as one of the partners of the US-owned International Technology Security and Innovation (ITSI) Fund. According to her, this could pave the way for strengthening the semiconductor supply chain.

Fifthly, Jokowi reminded Biden of the importance of extending the Generalized System of Preferences (GSP) to boost Indonesia's trade. GSP is a tariff exemption applied by the US for goods from developing countries.

"The United States expressed its commitment to support Indonesia's application to become a member of the Organization for Economic Cooperation and Development (OECD)," she concluded regarding the sixth agreement point.