The accord was signed for Indonesia by Trade Minister Gita Wirjawan and for Brazil by Foreign Minister Antonio de Aguiar Patriota on the sidelines of the 19th ASEAN Summit.
Indonesia`s Trade Ministry said in a press statement the agreement had formalized the two countries` commitment to forge closer bilateral cooperation in the fields of trade and investment.
The accord was also part of Indonesia`s efforts to increase its exports to non-traditional markets including Brazil.
Indonesia`s exports to Brazil in 2010 were recorded at US$3.2 billion or up 0.6 percent from US%2 billion recorded in 2009.
The figure makes Brazil the biggest Indonesia`s export destination in Latin America.
The hike in the value of exports to Brazil however was still not as high as those to other emerging markets such as China and India.
So, the signing of the agreement was expected to increase trade and investment between two countries significantly.
From January to August 2011 total trade between the two countries reached US$2.2 billion or up 24.3 percent from US$1.8 billion in the same period last year. (*)
Editor: Aditia Maruli Radja
Copyright © ANTARA 2011
