Jakarta, Oct. 22 -- The governments of Indonesia and Australia have officially renewed the Australia-Indonesia Partnership for Economic Development (PROSPERA), committing AU$420 million (approximately US$294.6 million) in grant funding over the next decade.

Australian Foreign Minister Penny Wong emphasized that sustaining bilateral economic cooperation is crucial amid an increasingly fragmented and volatile global landscape.

"That means we (should) cooperate even more closely to strengthen (our) resilience and prosperity. And that is what this next phase of PROSPERA reflects: an enduring spirit of cooperation," Wong said during the launch of PROSPERA Phase II here on Thursday.

The first phase of the bilateral program ran from 2018 to 2...