Indonesia, India seek measures to bolster bilateral trade

15:56 | 28/09/2017 Global Economy

India raised the issue of market access and regulatory barriers that its companies are facing in Indonesia in pharmacy, dairy and bovine meat, said the country’s Ministry of Commerce and Industry on September 25.

Indian officials at a "Start-up India" event held in January 2017 - Photo: EPA/VNA

According to Press Trust India (PTI) news agency, the issues were discussed during a meeting between Indian Minister of Commerce and Industry Suresh Prabhu and his Indonesian counterpart Enggartiasto Lukita.

A statement of the Indian Ministry of Commerce and Trade said the Indonesian side has agreed to inspect the registering of dairy products and meat processing facilities.

The statement further said the issue of market access to automotive and auto components manufactured in India was also raised, along with the greater investment opportunities for joint ventures, textile machinery manufacturing, textile parks and special economic zones.

It added that the ministers agreed to deepen economic cooperation by having greater cooperation of stakeholders, including government and businesses.

Both ministers consented to hold a meeting of regulators to resolve issues concerning the pharmacy and health sectors.

Furthermore, they also reached consensus on the early organisation of a meeting of the working groups on trade and investment and trade facilitation and remedies to address issues impeding trade.

Bilateral trade between India and Indonesia increased to 16.92 billion USD in 2016-2017 from 15.95 billion USD in the previous fiscal year.

Theo VNA