The Indonesian and Indian governments are exploring the possibility of establishing free trade cooperation with the fixed target of increasing the value of their bilateral trade to $10 billion by 2010, Asia Pulse reported Wednesday (16/1/08).
"We gave ourselves six months to complete a joint feasibility study (on the intended free-trade cooperation)," Indonesian Trade Minister Mari Pangestu said after a meeting with some 200 Indonesian and Indian business people in India Tuesday.
She said the joint feasibility study would be carried out as a follow up to an agreement reached by the two governments in 2005.
To achieve the target of boosting the bilateral trade value to $10 billion, the two countries would have to intensify their trade promotion activities and remove tariff and non-tariff barriers, she said.
Meanwhile, ASEAN and India are also finalizing a free trade cooperation agreement with the relevant talks expected to be completed within the next few months.
"Talks on an ASEAN-India Free Trade Area are almost completed," she said.