Indonesia, India Sign Rp15tn Trade Deal at TIIMM G20
24 September 2022 18:11 WIB
TEMPO.CO, Jakarta - Indonesia and India signed a trade deal worth US$1 billion, or nearly Rp15 trillion, on the sidelines of the series of G20 events dubbed the Trade, Investment, and Industry Ministerial Meeting (TIIMM) in Nusa Dua, Bali.
“Congratulation to the business delegations of Indonesia and India for the trade deal with a total of the potential transaction at nearly US$1 billion," said Trade Minister Zulkifli Hasan as quoted in the press statement on Saturday, September 24.
Zulkifli Hasan, who also witnessed the deal signing, said that there are eight trade deals signed by companies between the two countries. Both India and Indonesia are targetting to reach the trade value of US$50 billion in the near future.
The companies that signed the MoU include PT Niramas Utama with Asia Confectionery LLP for the INACO jelly product, Perum BULOG with Allanasons Pvt. Ltd. for frozen buffalo meat, and APICAL Group (AAA Oils & Fats Pte Ltd) with ANA Oils and Fats for palm oil.
Next is PT Trishakti Sejahtera Indonesia with Suraj International Trading Agency for furniture, PT Royal Exotic Indonesia with Synova Crop Science Pvt. Ltd. for stonefruit products, and PT Agro Inti Semesta with NCS Industries Pvt. Ltd., as well as Mirra Oils Pvt. Ltd., with Pyramid Energy General Trading LLC for palm oil.
"I'm sure that the signing of the trade agreement can further strengthen the business cooperation between the two countries and be able to have a positive impact on the economies of Indonesia and India," said the man who is also known as Zulhas.
The minister previously held a bilateral meeting with Indian Trade and Industry Minister Piyush Goyal prior to the deal signing. During the rehearsal, both discussed the increase in trade relations between Indonesia and India.
"I and Minister Piyush Goyal agreed to facilitate both countries and plan meetings between ministers in the near future to formulate a strategy to increase trade between the two countries," he said.
Zulhas also invited India and ASEAN to immediately start and complete the negotiations on the review of the ASEAN-India Trade in Goods Agreement (AITIGA) to encourage increased trade in the region.
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