Jakarta, June 8 -- Indonesia and the Philippines' business entities signed two tripartite countertrade memorandums of understanding (MoUs) with a potential transaction value of US$350 million, witnessed by Trade Minister Budi Santoso.

According to him, countertrade is a strategic measure to address exchange rate fluctuations that pressure the currencies of both countries.

Through the agreement, Indonesia strives to maintain trade stability without relying on cash payments in US dollars.

"A well-structured countertrade scheme can be an effective trade instrument amid current global trade uncertainty and currency pressures. The government is fully committed to providing regulatory guidance and trade facilitation for Indonesian businesses...