TRADE BASKET NEEDS TO BE DIVERSIFIED – KAMAL NATH ADDRESSES INDO-INDONESIAN BUSINESS SUMMIT
Date : 23 Nov 2005
Location : New Delhi
There is an urgent to diversify the basket of trade between India and Indonesia as this would help in expanding the bilateral trade by leaps and bounds, Shri Kamal Nath, Union Minister of Commerce & Industry, said while addressing the Indo-Indonesian Business Summit here this afternoon in the presence of Dr. Susilo Bambang Yudhoyono, President of Indonesia, Ministers from Indonesia and businessmen from Indonesia and India. Shri Nath mentioned pharmaceuticals, IT, two and three wheelers and rail transportation, as sectors which offered excellent scope for diversifying two-way trade as well as investment.
“Indonesia is our second largest export market in ASEAN (after Singapore) and one of our leading export destinations among developing countries. In a sense, Indonesia is our bridge to ASEAN. Last year our two-way bilateral trade increased by 35% over the previous year, to reach almost 4 billion dollars. Indian companies have invested more than 2 billion dollars in Indonesia. This is a marvellous example of South-South cooperation. In view of such positive indications, this is the time for us to seize the opportunity and take our economic engagement to an even higher trajectory”, he said.
Referring to the problem of non-tariff barriers, Shri Kamal Nath said: “There are some Non Tariff Barriers in the animal husbandry as well as non-agricultural sectors, which are currently hampering the trade between our countries. I have spoken to my colleague Ms. Pangestu about it and she has gracefully agreed to deal with these. I am sure that we will be able to surmount these problems and resolve them in the larger interest of our people”.