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Indonesia, India To Start CECA Negotiations

by Mary Swire, Tax-News.com, Hong Kong

10 October 2011


At a two-day bilateral ministerial forum, the Indonesian and Indian delegations, led by Trade Minister Mari Elka Pangestu and Commerce and Industry Minister Anand Sharma respectively, have agreed to proceed with negotiations on a Comprehensive Economic Cooperation Agreement (CECA) between the two countries.

The discussions during the forum covered tariff reductions and the lifting of non-trade barriers on various goods of interest to the two countries, including palm oil products from Indonesia to India, and pharmaceuticals and buffalo meat in the other direction.

India was only Indonesia’s seventh-largest trading partner last year, but it is hoped that it will be possible, in the future, to boost trade volumes significantly between the two countries, given the huge domestic markets they represent. Total trade of USD25bn by 2015 is said to be the target, from a value of USD13.2bn in 2010.

It is to be expected that the CECA would add onto the provisions of the existing Association of Southeast Asian Nations free trade agreement with India, and would further enhance bilateral economic cooperation in other areas, particularly investment from India into Indonesian infrastructural projects and its textile industry.

TAGS: tax | India | law | tariffs | trade treaty | agreements | Indonesia | trade

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