India, Indonesia agree to nearly triple bilateral trade to $50 billion

India, Indonesia agree to nearly triple bilateral trade to $50 billion

New Delhi, May 30: India and Indonesia have agreed to double their efforts to boost bilateral trade to USD 50 billion by 2025, Prime Minister Narendra Modi said today after holding comprehensive talks with President Joko Widodo.
Prime Minister Modi, who arrived here last night on his first-ever official visit to Indonesia, exchanged views with President Widodo on potential areas of cooperation in areas like defence, maritime security, trade and economy.
In a joint press statement after the talks, Modi said India and Indonesia have agreed to upgrade their ties to Comprehensive Strategic Partnership.
He said India and Indonesia have agreed to double their efforts to take bilateral trade to USD 50 billion by 2025.
According to Indonesia’s Central Statistics Agency (BPS), trade between the two countries in 2016 was USD 12.9 billion. It rose 28.7 per cent to USD 18.13 billion in 2017 with Indonesia’s exports to India reaching USD 14.08 billion and its imports from India standing at USD 4.05 billion.
In a joint statement issued after the talks, the two countries said they have agreed to work intensively for the early conclusion of the Regional Comprehensive Economic Partnership and reiterated that it needs to be comprehensive, fair and balanced with benefit to all member states.
The two leaders also instructed officials to optimise the cooperation between ASEAN and India for establishing a sustainable and mutually beneficial trade relations.
They also acknowledged the need to further explore the untapped economic potentials and to remove impediments to trade and investment.
Both sides agreed that there are considerable potentials for expanding trade and services in various areas.