New Delhi [India], January 26 (ANI): India and Indonesia have focused on enhancing economic cooperation through various mechanisms, such as the upcoming meetings of the Working Group on Trade and Investment (WGTI) and the Biennial Trade Ministers’ Forum (BMTF), with a view to addressing existing trade barriers.
Prime Minister Narendra Modi and Indonesian President Prabowo Subianto also emphasised the importance of concluding the review of the ASEAN-India Trade in Goods Agreement (AITIGA) by 2025.
“Indonesia is one of India’s largest trading partners in ASEAN. Both leaders expressed satisfaction that bilateral trade had reached a record high of USD 38.8 billion in April 2022-March 2023. The leaders desired that the 2nd meeting of the Working Group on Trade and Investment (WGTI), as well as the 4th Biennial Trade Ministers’ Forum (BMTF) be convened to resolve outstanding tariff and non-tariff barriers to trade. Both leaders agreed to the expedited conclusion of the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA) by 2025,” the Ministry of External Affairs said.
The two leaders also agreed that the first meeting of the Joint Economic and Financial Dialogue should be convened early to further deepen economic engagement.
Both leaders expressed satisfaction at the growing bilateral investments. The 3rd CEOs Forum was held on the sidelines of this visit. The leaders recognised the meeting of the forum as a constructive measure to tap more opportunities and potential in developing bilateral cooperation in trade and investment.
Both leaders welcomed the signing of an MoU on Local Currency Settlement Systems (LCSS) between the Reserve Bank of India and Bank Indonesia in March 2024 and emphasized the importance of its expeditious implementation. They expressed confidence that the usage of local currency for bilateral transactions would further promote trade between India and Indonesia and deepen financial integration between the two economies, the MEA said.
Both leaders expressed their commitment towards achieving renewable energy goals of the respective countries and lauded the existing efforts being made on energy transition. Both sides have shown interest in joint exploration and mining related projects, particularly relating to critical minerals such as nickel, bauxite, silica, tin etc. with a focus on the downstream sectors.
“Both leaders welcomed BPRL’s continued interest to partner with Pertamina in the strategic Nunukan Gas Block Project and agreed to support early execution of the project,” the MEA said.
Both leaders underscored the critical role biofuels can play in the efforts for decarbonization of transportation and relevant sectors and recognized the importance of international collaboration in strengthening trade, research and development, developing standards and contributing to the global biofuels ecosystem. The Indonesian side positively welcomes India’s invitation to join the Global Biofuels Alliance.
The leaders recognized the vital role of connectivity in enhancing trade, tourism, and people-to-people exchanges between Indonesia and India. In this regard, they welcomed the restoration of direct flights between the two countries, seeing it as a significant step toward further strengthening bilateral ties and fostering closer engagement.
The two leaders also recognised the growth in travel demand between the two countries and welcomed the signing of the MoU to expand the bilateral Air Services Agreement.
Recalling their last discussion on intensifying infrastructure development between the two maritime neighbours, the two leaders called for enhanced connectivity and welcomed India’s Development Partnership with the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) as a significant initiative towards this end, the MEA added.
Both leaders affirmed their commitment to accelerate collaboration in the areas such as Digital Public Infrastructure, digital B2B partnership, digital capacity building, cyber security, etc. for inclusive growth and addressing global challenges. They expressed confidence that the MoU on Cooperation in the Fields of Digital Development signed during this visit will enable harnessing the power of emerging technologies. India also offered to share its experience and best practices with Indonesia in High-Performance Computing and quantum communication technologies.
India offered to share its experience of successful digital solutions, implemented at population scale with Indonesia to promote its digital transformation.
The two leaders appreciated the ongoing discussions for QR-based cross border digital payments between NPCL International Payments Limited (NIPL) and the Indonesian payment switches under the banner of ASPI (Association of Payment Systems of Indonesia).
Notably, at the invitation of the PM Modi, President Subianto paid a State Visit to India from January 23-26. He also attended the celebrations of the 76th Republic Day of India as the Chief Guest. He was accompanied by a high-level delegation including several Ministers as well as Senior Officials of the Indonesian government and a business delegation. (ANI)
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