Treasurer Joe Hockey has canvassed economic uncertainties in the global market with Indonesia's finance minister, with the two men meeting in Bali.

Just a day after being sworn in as Australia's fiscal manager, Mr Hockey jetted to Indonesia to attend the Asia-Pacific Economic Cooperation (APEC) finance ministers' meeting, where he spoke with Chatib Basri on Thursday.

"We discussed international macroeconomic developments, noting that while there are some positive economic signs coming from Japan and the United States, we still face difficult and potentially volatile economic conditions globally," Mr Hockey said in a statement.

The men agreed that the two countries' economies are becoming more closely connected and each realised the "importance of the diplomatic and economic relationship".

The official APEC meeting kicks off on Friday while Mr Hockey will also have bilateral meetings with counterparts from China, Korea and Singapore.