India and Indonesia, on 25 January 2011, signed a total of 18 agreements in sectors of mining, infrastructure and manufacturing during the visit of Susilo Bambang Yudhoyono to India. The agreements are worth 15.1 billion US dollars which include the one on Mining, Construction of Steel plant and its infrastructure between provincial government of Central Kalimantan and International Coal ventures Private Ltd. and another on setting up of airport at Buleleng, Bali between GVK Power and infrastructure and the Indonesian government. One more major agreement took place in form of SAIL and Chairman of the International Coal Venture Private Limited CS Verma signing MoU (Memorandum of Understanding) with the provincial Government of Central Kalimantan, Indonesia to develop mineral deposits and establish a Mineral processing facility, steel plant and the required infrastructure in the province.
Besides the above agreements, India and Indonesia issued a joint statement under which India and Indonesia set a strategic target of 25 billion US dollars bilateral trade by 2015 under the India-Indonesia strategic partnership set up in 2005.
Moreover, India and Indonesia agreed to start negotiations for concluding a Comprehensive Economic Cooperation Agreement (CECA). The objective of the CECA between India and Indonesia is to reduce or remove tariffs on goods and services between them. It would also cover investments.
In addition, India and Indonesia also agreed to have a Biennial Trade Minister Forum, which includes setting up of a trade and investment forum to avail of trade and investment opportunities existing in both the nations.
India and Indonesia also agreed to have summit level meetings on the sidelines of multilateral events. To develop A Vision Statement 2025 for the Indonesia-India Strategic partnership, the two nations announced the setting up of an Eminent Persons’ Group (EPG).The two nations reiterated their commitments to work together on UN reforms, Climate change and Global Financial crisis. The two nations also stressed upon the need of more cultural exchanges between them.
India and Indonesia announced the setting up of an Energy Forum co-chaired by the Minister of Energy and Mineral and Resources of Indonesia and the Minister of Coal of India.To strengthen consular cooperation and friendly relations between India and Indonesia, the former announced the establishment of a Consulate General of India in the Bali province of the latter.
At present, India-Indonesia trade is at 12 million US dollars. India and Indonesia had finalised free trade pact with Indonesia in October 2010 which abolished import duties on several products like sea food, chemicals and apparel.
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