PM Modi, Prez Subianto Discuss Steps To Boost Economic Ties

Indonesia is one of India's largest trading partners in ASEAN. India offered to share its experience of successful digital solutions

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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 emphasized 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 recognized the meeting of the forum as a constructive measure to tap more opportunities and potential in developing bilateral cooperation in trade and investment.