Indonesia-India Targets Trade Cooperation Of 50 Billion US Dollars By 2025

Minister of Trade, Agus Suparmanto. (Photo: Ministry of Trade)

JAKARTA - Minister of Trade Agus Suparmanto stressed the importance of collaborating with Indian business actors in increasing trade between Indonesia and India. This was conveyed by Trade Minister Agus during a meeting with the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi, India.

"India is one of the largest and important trading partners for Indonesia. Not only with the Indian government, but also collaboration with business actors in increasing trade between the two countries," said Trade Minister Agus in a statement received by VOI, Friday, February 21.

The Trade Minister conveyed that the two State Leaders had set a target of increasing bilateral trade to 50 billion US dollars by 2025. The Ministry of Trade is optimistic that this target can be achieved because the two countries still have many opportunities to be increased.

Greetings from India! The Indonesian Minister of Trade, Agus Suparmanto, held a bilateral meeting with the Minister of Industry, Trade and Railways of India, Piyush Goyal in New Delhi, India, Thursday (20 Feb). #IndonesiaIndia pic.twitter.com/5C86olaqo7

- Ministry of Trade (@Mendag) February 21, 2020

"We believe the two countries have the opportunity to collaborate and work together, including the hospital and pharmaceutical sectors. This is because India has more advanced technology and knowledge in both sectors. In other sectors, the two countries can collaborate and explore potential in the sector. Blue Economy as proposed by FICCI, "explained the Trade Minister.

At this meeting, FICCI asked for increased market access and reduction of trade barriers from Indonesia. These include market access for raw crystal sugar products, buffalo meat, dairy products and rice.

Trade Minister Agus also invited Indian businessmen to attend the Trade Expo Indonesia. The largest trade exhibition in Indonesia will be held in October at the Indonesia Convention Exhibition (ICE) in Tangerang, Banten.

India is the fourth export destination country and the ninth source of imports for Indonesia in 2019. During that period the total trade between the two countries reached US $ 16.1 billion. Indonesia's exports to India were recorded at US $ 11.7 billion and Indonesia's imports from India were recorded at US $ 4.3 billion. Thus, Indonesia had a trade surplus of US $ 7.4 billion.

Indonesia's main export products to India in 2019 are coal, palm oil and its derivatives, steel products, natural rubber, and industrial monocarboxylic fatty acids. Meanwhile, Indonesia's main imports from India are buffalo meat, cyclic hydrocarbons, peanuts, water heaters and motor vehicles.