India and Indonesia have agreed to work to boost bilateral trade to 50 billion USD by 2025, Indian Prime Minister Narendra Modi said on May 30 after talks with his Indonesian host, President Joko Widodo.
Indian Prime Minister Narendra Modi (right) and Indonesian President Joko Widodo fly kites at the National Monument in Indonesia.
According to Indonesia's Central Statistics Agency (BPS), trade between the two countries in 2016 was 12.9 billion USD. It rose by 28.7 percent to 18.13 billion USD last year with Indonesia's exports to India reaching 14.08 billion USD and its imports standing at 4.05 billion USD, the Press Trust of India (PTI) reported.
Indonesia and India have also agreed to lift their ties to a Comprehensive Strategic Partnership. Both sides reached a consensus on holding an annual bilateral summit and continuing regular bilateral consultations.
They appreciated the adoption of a shared vision for maritime cooperation in the Indo-Pacific region.
They expressed their satisfaction with the current strategic partnership with intensified cooperation in politics, defence, security and economy.
Both leaders reaffirmed that their countries, as strategic partners and maritime neighbours, must work to strengthen their already robust defence cooperation.
They reaffirmed their commitment in defence, with the signing of the Defence Cooperation Agreement between the two countries, and agreed to enhance mutual trust through regular meetings and talks between land, naval and air forces of the two countries.
The two sides agreed to work for the early conclusion of the Regional Comprehensive Economic Partnership (RCEP) and reiterated that it needs to be comprehensive, fair and balanced with benefits for all member states.
President Widodo stated he welcomes the increase in Indian investment in Indonesia, while Prime Minister Modi also welcomed Indonesian companies’ participation in the Make in India initiative and invited Indonesian businesses to avail of the opportunities presented.
Prime Minister Narendra Modi was on an official visit to Indonesia on May 29-30. It was the first stop of his tour of three Southeast Asian countries – Indonesia, Malaysia and Singapore – to enhance relations with these nations./.