Singapore and Indonesia on Thursday signed an agreement to promote and protect investments, with
the treaty promising Singapore companies operating in Indonesia protection and access to international
arbitration in the event of investment disputes, Business Times reports. The agreement was signed
during a bilateral meeting between Prime Minister Lee Hsien Long and President Joko Widodo in Bali,
where the two also announced a US$10 billion (S$13.8 billion) local currency swap and US dollar
repurchase agreement between the two countries. Indonesia is Singapore’s sixth largest trading partner
after China, Malaysia, US, Hong Kong and Taiwan, whereas Singapore is Indonesia’s third largest trading
partner.