Modi in Indonesia: New Delhi, Jakarta agree to boost bilateral trade to $50 bn by 2025

India and Indonesia, two of the largest democracies in Asia, on Wednesday, May 30, agreed to boost their bilateral trade to $50 billion by 2025, Prime Minister Narendra Modi said after holding talks with Indonesian President Joko Widodo.

Modi, who arrived in the archipelagic nation on Tuesday, May 29, for the first time as the prime minister spoke with Widodo on potential areas of cooperation like in defence, trade, economy and maritime security.

In a joint press conference issued after the talks, Modi said India and Indonesia agreed to upgrade their ties to Comprehensive Strategic Partnership.

As per Indonesia's Central Statistics Agency, trade between the two countries in 2016 was $12.9 billion which rose to $18.3 billion in 2017 with Indonesia's exports to India touching $14.08 billion and its imports from India remaining at $4.05 billion, PTI reported.

India and Indonesia also in the joint statement that they have agreed to work towards an early conclusion of the Regional Comprehensive Economic Partnership and reiterated the need to make it balanced and fair for all the participating states.

Modi and Widodo also asked their respective officials to better the cooperation between India and the Association of Southeast Asian Nations (Asean) to set up mutually beneficial trade relations, PTI said. Both countries acknowledged that the two countries can fulfil their potential in trade and other areas.

India and Indonesia also concluded the memorandum of understanding signed between the Confederation of Indian Industry and the Indonesian Chamber of Commerce and Industry, PTI added. The two leaders also appreciated setting up of a CII office was also set up in Jakarta, the report added.