Indonesia, India hold discussions on realizing US$50 billion trade

Indonesia, India hold discussions on realizing US$50 billion trade

Indonesian Foreign Minister Retno Marsudi  (right) shakes hands with her Indian counterpart Subrahmanyam Jaishankar (left) before holding bilateral talks in Jakarta on Thursday (Sept 5, 2019). (ANTARA/Yashinta Difa)

When it comes to economic cooperation, we reiterated the importance of achieving the bilateral trade target of US$50 billion by expanding access to each other's market.
Jakarta (ANTARA) - Indonesian Foreign Minister Retno Marsudi and her Indian counterpart, Subrahmanyam Jaishankar, discussed ways to achieve the bilateral trade target of US$50 billion in 2025.

"When it comes to economic cooperation, we reiterated the importance of achieving the bilateral trade target of $50 billion by expanding access to each other's market," Marsudi remarked following a meeting with Jaishankar in Jakarta on Thursday.

At a meeting with Indian Prime Minister Narendra Modi on the sidelines of the G20 Summit in Osaka, Japan, last June, Indonesian President Joko Widodo (Jokowi) reiterated the significance of both nations putting an end to tariff and non-tariff trade barriers.

Jokowi called on Prime Minister Modi to focus on applying new import tariffs on Indonesian palm oil in early January 2019.

He remarked that both nations' trade ministers must continue negotiations to achieve a win-win solution, including trade-off between palm oil and other commodities.

In response to the request, Jaishankar expressed readiness to collaborate with Indonesia to create balanced and sustainable trade by offering Indonesian goods and services broader access to the Indian market.

"We agree that the two countries will respond to the other party's need in the context of achieving the trade target," he stated.

India is currently the world's largest crude palm oil (CPO) importer, while Indonesia is the world's largest producer of CPO.

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