India, Indonesia agree to commence trade pact negotiations

26/01/2011    58

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India and Indonesia today agreed to commence negotiations on a bilateral market opening pact to enhance trade between the two nations to $25 billion by 2015 from about $11 billion last fiscal.

"Both leaders were pleased to announce the commencement of negotiation on Indonesia-India Comprehensive Economic Cooperation Agreement building on what has already been achieved under the India-Asean FTA," a joint statement said here.
The agreement is aimed at reducing or eliminating tariffs on goods and services between the countries. Besides, it would cover investments.
Both the leaders hoped that the pact would further contribute to building a higher-level and mutually beneficial economic cooperation between the two countries, the statement said.
The decision to embark on negotiations will take forward the shared goal in the New Strategic Partnership 2005 of increasing the volume of bilateral trade and investment, it said.
Under the Strategic Partnership between the two countries, Prime Minister Manmohan Singh and Indonesian President Susilo Bambang Yudhoyono set up a new target of $25 billion by 2015, the statement said.
Taking its FTA with the 10-nation Asean bloc a step further, India has implemented a free trade pact with Indonesia October last year that slashes import duties on thousands of products, like seafood, chemicals and apparel.
Besides, Indonesia stresses on India as a potential partner because India's investment realisation there has steadily increased for the last 20 years, the statement said.
Both the countries agreed to have a Biennial Trade Ministers Forum, including the establishment of a Trade and Investment Forum between the trade ministers to exploit the potential of trade and investment opportunities in both the countries, it said.
To address the issue of food security, the two leaders encouraged the implementation of the memorandum of understanding in the field of agriculture and allied sectors that was signed on December 31, 2008 along with the implementation of work plan for 2009-2013 in the area of agricultural development and joint research in agriculture science, the statement said.
India and Indonesia signed 18 business MoUs worth $15.1 billion in areas like infrastructure, mining and manufacturing.
Jan 25,2011 15:53 PM
Source: Press Trust of India

India and Indonesia today agreed to commence negotiations on a bilateral market opening pact to enhance trade between the two nations to $25 billion by 2015 from about $11 billion last fiscal.

"Both leaders were pleased to announce the commencement of negotiation on Indonesia-India Comprehensive Economic Cooperation Agreement building on what has already been achieved under the India-Asean FTA," a joint statement said here.

The agreement is aimed at reducing or eliminating tariffs on goods and services between the countries.

Besides, it would cover investments.

Both the leaders hoped that the pact would further contribute to building a higher-level and mutually beneficial economic cooperation between the two countries, the statement said.

The decision to embark on negotiations will take forward the shared goal in the New Strategic Partnership 2005 of increasing the volume of bilateral trade and investment, it said.

Under the Strategic Partnership between the two countries, Prime Minister Manmohan Singh and Indonesian President Susilo Bambang Yudhoyono set up a new target of $25 billion by 2015, the statement said.

Taking its FTA with the 10-nation Asean bloc a step further, India has implemented a free trade pact with Indonesia October last year that slashes import duties on thousands of products, like seafood, chemicals and apparel.

Besides, Indonesia stresses on India as a potential partner because India's investment realisation there has steadily increased for the last 20 years, the statement said.

Both the countries agreed to have a Biennial Trade Ministers Forum, including the establishment of a Trade and Investment Forum between the trade ministers to exploit the potential of trade and investment opportunities in both the countries, it said.

To address the issue of food security, the two leaders encouraged the implementation of the memorandum of understanding in the field of agriculture and allied sectors that was signed on December 31, 2008 along with the implementation of work plan for 2009-2013 in the area of agricultural development and joint research in agriculture science, the statement said.

India and Indonesia signed 18 business MoUs worth $15.1 billion in areas like infrastructure, mining and manufacturing.

 

Source: Press Trust of India

 

 

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