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India, Indonesia Ink DTA

by Mary Swire,, Hong Kong

31 July 2012

India and Indonesia have signed a double tax agreement (DTA) in an effort to boost bilateral trade to USD25bn over the next three years.

The deal was inked during a series of talks held by Indian External Affairs Minister S.M. Krishna and his Indonesian counterpart Marty M. Natalegawa. The negotiations formed part of the wider Joint Commission project, with these talks among the fourth round of meetings to be held so far. Speaking at a press conference, Krishna said that the "deliberations took place in a constructive and friendly atmosphere reflecting the state of our bilateral relationship".

Krishna added that trade between the two countries now stands at USD20bn. Both governments are confident that a target of USD25bn by 2015 can be achieved. He explained: "Indian investment in Indonesia is rising. We are also cooperating in several other sectors including energy, oil and gas, coal, marine and fisheries, agriculture, science and technology, education, culture, defence and counterterrorism."

Indonesia is to hold the next Joint Commission. Natalegawa said that in the meantime, relations between the two countries will continue to be monitored. He resolved with Krishna to develop a more systematic means for measuring progress, and said that a "scorecard" may be used. This would allow the governments "regularly in a very clear way identify progress and even not least identify where challenges remain so we can address those challenges and allow our relations to fully blossom and develop."

The content of the DTA has yet to be released.

TAGS: tax | investment | marine | double tax agreement (DTA) | India | energy | oil and gas | agreements | education | Indonesia | trade

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