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India and Indonesia Target Historic $50 billion Trade Agreement by 2025

Trade Agreement
Narendra Modi and Joko Widodo

PM Modi and Indonesian President Joko Widodo met in the G-20 Summit to propose a $50 billion trade agreement by 2025

Indian Prime Minister Narendra Modi and Indonesian President Joko Widodo held a strategic bilateral meeting in the backdrop of the on-going G-20 Summit in Osaka, Japan in which they have discussed ways to deepen bilateral cooperation in a number of key areas including bilateral trade agreements, defence, and maritime security.

The main agenda for the meeting was set on boosting bilateral ties and enhancing cooperation in trade and investment.

The highlight of the meeting was a discussion on a record $50 billion bilateral deal between the two countries by 2025.

According to Press Trust Of India (PTI) reports, Raveesh Kumar, official Spokesperson of the Ministry of External Affairs of India has issued a statement that India and Indonesia have set a $50 billion target for bilateral trade by 2025. This is one of the biggest trade deals envisaged by the leaders of both nations.

India and Indonesia have historically shared a multi-faceted bilateral bond in various dimensions of trade. Indonesia is one of India’s strongest partners from South Asia and both have signed significant bilateral agreements in the past.

Trade surplus between the two countries in 2016 was $12.9 billion. It rose from  28.7 per cent to $18.13 billion in 2017 with Indonesia’s exports to India reaching at an all-time high at $14.08 billion and Indian imports standing at $4.05 billion, as reported by Indonesia’s Central Statistics Agency.

According to official sources, PM Modi and Indonesian President Joko Widodosn’s main aim for the meeting was to deepen bilateral cooperation in investment, defence and maritime fronts.

Also read: http://diplomacybeyond.com/articles/category/indiacorner/news/

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