Visiting Indonesian President Susilo Bambang Yudhoyono reached the agreement during a meeting with Ecuadorian President Rafael Correa Delgado at Carondelet Palace, Quito, Ecuador on Saturday.
"Relations between Indonesia and Ecuador are good and continue to grow. But I think there is still room to enhance the relations," Yudhoyono said.
The head of state cited a number of cooperation opportunities in the areas of energy and mining, agriculture, forestry and environment, and telecommunications. The two countries could also intensify cooperation in dealing with transnational crimes at global forums.
"I am glad the meeting are very productive and we want to implement its outcome in the future." he said.
The Indonesian leader then praised the Ecuadorian government and people for their hospitable welcome during his state visit to the country.
Yudhoyono is the first Indonesian president to visit Ecuador.
Meanwhile, President Correa expressed his hope for increased cooperation between the two countries, particularly in the field of oil industry, security and maritime affairs.
"Ecuador has sea territory which is five times as wide as its land, so we have a great potential to develop," he said.
Indonesia and Ecuador established diplomatic relations on April 29, 1980. However, Indonesia opened its embassy in Quito, capital of Ecuador, only on November 11, 2010 and Indonesian Ambassador to Ecuador Saut Maruli Gultom assumed his post on March 15, 2012.
Meanwhile, Ecuadorian Ambassador to Indonesia Ledesma Alberto Calderon was officially appointed on February 1, 2010.
Indonesia and Ecuador have signed a number of cooperation agreements including those in economic and engineering field (2005), exchange of notes forming a joint commission (2006), establishment of bilateral consultations (2006), a memorandum of understanding (MoU) on energy and mining cooperation (2006), and MoU on telecommunication cooperation (2006).
Both countries also have signed a MoU on cooperation between education and training centers of the Indonesian Ministry of Foreign Affairs and the Diplomatic Academy of Ecuador (2006), and MoU on cultural cooperation (2006).