India, Indonesia trade touches 10 billion dollars

NEW DELHI - Union Minister of Commerce and Industry Anand Sharma said here today that bilateral trade between India and Indonesia has reached 10.26 billion dollars during January-October 2010.

During his meeting with Indonesian Trade Minister Dr. Mari Elka Pangestu, Sharma informed that the bilateral trade reached the target of 10 billion dollars by 2010, set by the two sides in 2005, one year ahead of the schedule.

Sharma also said that in 2009, despite global recession, the trade between the two countries was 10.72 billion dollars.

Sharma said that India attched high importance to ‘Look East Policy’ and economic integration with the region.

“We are happy that India-ASEAN FTA Trades in Goods Agreement has come into force between India and Indonesia and from October 1, 2010 and we seek your support in concluding the services and investment negotiations by the agreed deadline of March 2011,” he added.

Major items of India’s exports to Indonesia were petroleum products, organic chemicals, electronic goods, iron and steel and machinery. Major items of India’s imports from Indonesia were edible oils, petroleum products, ores, chemicals and rubber products.

Total foreign direct investment (FDI) inflows from Indonesia are US 0.60 billion dollars. (ANI)