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Indonesia’s Trade Minister Visit India, Looking More Trade

Indonesia, India Targets US$50B Bilateral Trade by 2025
To reaches the trade value target worth of US$50 billion by 2025 with India, Indonesia' trade minister plans to visit New Delhi in Feb. 19 - 21 - Photo by DNA India

JAKARTA (TheInsiderStories) – To reaches the trade values target worth of US$50 billion by 2025 with India, Indonesia’ trade minister plans to visit New Delhi in Feb. 19 – 21. The official wants to explore the cooperation in construction, connectivity, hospital, pharmaceutical, and industrial sectors, especial the conversion of coal becomes a gas with the partner.

“We will discuss several issues related to increasing cooperation between the two countries, including the implementation of the second export and import regulations,” he said in an official statement released today (02/18).

During his visit to India, he is scheduled to meet the the Confederation of Indian Industry also Federation of Indian Chambers of Commerce and Industry on Feb. 20 in New Delhi. He also has agenda to meet India’ minister of railways, trade, and industry Piyush Goyal at the same place.

Both officials will discusses the latest palm oil and raw sugar import regulations and some trade barriers to Indonesian exports, also the potential to increases market access for Indonesian products.

In the last meeting between President Joko Widodo and Indian Prime Minister Narendra Modi, both leaders conveyed the importance of the two countries to eliminate trade barriers, both tariff and non-tariff.

In a meeting on the sidelines of the Group of 20 Summit in Osaka, Japan last June, the head of state specifically asked Modi to pay attention to the implementation of new import tariffs on Indonesian palm oil exports in early January 2019.

He urged, the trade ministers of the two countries, need to continue discussions in order to reach a win-win solution, including proposals for the trade-off of palm oil with other commodities.

Responding to this request, Jaishankar said, he was ready to work with Indonesia to create a balanced and sustainable trade by providing greater market access for Indonesian goods and services.

According to him, there is an immediate urgency to overcome the trade deficit and look at the means to achieve a more balanced trade basket through greater and more diverse exports.  At present, India is the world’s largest importer of crude palm oil (CPO), one of which is from Indonesia.

He further said that it was very important for large developing countries, like India and Indonesia, to join hands and forge collaborative partnerships so that the two countries were quite prepared to do so to face the challenges of the global economy.

He continued, that a sizable presence of Indian industry in Indonesia was spread across sectors such as energy, infrastructure, pharmaceuticals, textiles, banking, and Information Technology services.

In 2019, total trade value between Indonesia and India recorded $16 billion. Indonesian export to India worth of $11.78 billion and imports with amount $4.29 billion. The Southeast Asia largest economy get a surplus from the bilateral trade $7.48 billion.

Written by Staff Editor, Email: theinsiderstories@gmail.com