Commerce, Industry and Textiles Minister Anand Sharma, who is presently in Jakarta for the inauguration of the ‘India Show’, is hopeful that bilateral trade between the countries will reach the target USD25 billion by the year 2015, reports India Blooms.
“With the implementation of India-ASEAN FTA by us since October last year, the trade and investment flows between our countries would accelerate and would help achieve and exceed the target easily," stated Sharma.
Sharma has requested Indonesia to further open up its service sector, in terms of investment opportunities as well as movement of professionals in the health and banking sectors. The Indonesian Minister for Trade, Gita Wirjawan, has assured that these issues will be discussed with the Health department and the Central Bank of Indonesia.
He also raised the problems that Indian pharmaceutical companies are facing on account of non-tariff barriers in Indonesia. Sharma also discussed the import of bovine meat into Indonesia.
Sharma also talked about the new mining laws and the recently introduced rules that are affecting Indian miners in Indonesia. Wirjawan has agreed to review these regulations.
The two countries have agreed to speed up negotiations for the bilateral Comprehensive Economic Cooperation Agreement (CECA). Both sides have also agreed to form five new working groups in the fields of health, pharmaceuticals, bio-technology, agro-processing, food processing, mining, technology and skill training, with the aim of strengthening the ties between them.
Bilateral trade between India and Indonesia was recorded at USD20.17 billion in 2011, an increase from USD14.13 billion in 2010.