India, Indonesia confident of achieving $ 25bn trade target by 2015

New Delhi, July 27 (ANI): Describing Indonesia "an important partner" for India's 'Look East policy, External Affairs Minister S.M. Krishna on Friday expressed confidence that the two nations will achieve the targeted 25 billion-dollar of trade by 2015.

In a joint statement with his Indonesian counterpart Dr. R. M. Marty Natalegawa, Krishna said, "Indonesia is an important partner for us in our 'Look East policy'. Our trade has expanded rapidly and has now touched 20 billion US Dollars. We are confident of achieving the target of $ 25 billion set for 2015. Indian investment in Indonesia is rising. We are also cooperating in several other sectors including in energy, oil and gas, coal, marine and fisheries, agriculture, Science and Technology, education, culture, defence and counter-terrorism."

The two ministers co-chaired the fourth edition of Joint Commission Meeting at the Hyderabad House here on Friday and discussed the present status of their bilateral relationship, besides deliberating on regional and international issues.

"Both countries enjoy an excellent relationship based on the solid foundation of historical and cultural ties. Both countries are also hopeful of achieving the trade target of 25 billion US Dollars by 2015," Krishna said.

The two nations reviewed the "progress made on various areas of cooperation" agreed during the previous Joint Commission meeting and also those identified during President Yudhoyono's visit to India in January 2011.

"We have also identified specific areas in which both countries would be working together to take the relationship to the next high level. The deliberations took place in a constructive and friendly atmosphere reflecting the state of our bilateral relationship," Krishna added.

Stating that the India and Indonesia have "stakes" in each others' progress and prosperity, he wanted the two nations "to be reflective of the strategic nature of our partnership."

The two nations also signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.

Foreign Minister Natalegawa on his part said Indonesia enjoys a robust, strong and friendly relationship with India, and added that the two nations have agreed to further strengthening of the bilateral relationship into a strategic partnership.

Indonesian President Yudhoyono is expected to visit India in December this year for the India-ASEAN commemorative summit. (ANI)