ndonesia and India are working to find a new strategy to achieve a bilateral trade target of US$50 billion within the next five years, Foreign Minister Retno Marsudi said as she sought to strengthen Indonesia’s palm oil exports to India.
Together with her Indian counterpart Subrahmanyam Jaishankar, Retno cochaired the sixth Joint Commission Meeting in New Delhi on Friday -- during which they renewed the economic commitment.
"Through this meeting, the two countries are determined to increase cooperation, especially through a new strategy to achieve a bilateral trade target of US$50 billion in 2025," Retno said in a press statement.
The meeting follows a discussion between President Joko “Jokowi” Widodo and Prime Minister Narendra Modi on the sidelines of the ASEAN Summit last month, during which they agreed to find measures to achieve the trade target -- which was first announced last year. The two leaders have also agreed to try to balance trade, as well as work together on oil palm issues and bilateral cooperation under the Indo-Pacific concept.
Retno and Jaishankar also discussed concrete collaboration on improving connectivity in Aceh and the Andaman-Nicobar Islands, including through developing infrastructure in Sabang. In addition, they also discussed efforts to strengthen partnerships in the trade, tourism and education sectors as the implementation of an action plan that was produced in Aceh last week.
Furthermore, the two ministers also reiterated the commitment to strengthening the Indonesia-India Comprehensive Strategic Partnership in defense and security, particularly cooperation in the defense industry, as well as in people-to-people contact by exploring potential direct flights between Indonesia and India.
In her mission on economic diplomacy, Retno held meetings with Indian businesses including the Solvent Extractors' Association and a number of palm oil businesspeople to gain a better understanding of India's economic prospects and insights to strengthen Indonesia's palm exports.
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