India, Indonesia cross $10 bn trade target ahead of schedule

The statement came on the sidelines of a meeting between Commerce and Industry Minister Anand Sharma and Indonesian Minister of Trade Mari Elka Pangestu here.

"We attach high importance to our 'Look East Policy’ and our economic integration with the region. We are happy that India-ASEAN FTA (free trade agreement) has come into force between India and Indonesia from Oct 1, 2010,” Sharma said.

The meeting was also attended by Commerce Secretary Rahul Khullar along with senior officials from both the countries.

Sharma said he hoped to get support from Indonesia for concluding services and investment negotiations.

“We seek your support in concluding the services and investment negotiations by the agreed deadline of March 2011,” Sharma said.

India’s major exports to Indonesia include petroleum products, organic chemicals, electronic goods, iron and steel and machinery. India imports edible oils, petroleum products, ores, chemicals and rubber products.

According to the ministry, total foreign direct investment (FDI) inflows from Indonesia stood at $0.60 billion in sectors such as non-conventional energy, construction activities, trading, electrical equipment and information and broadcasting.