February 20, 2002

'16'

    Shri Murasoli Maran, Union Minister of Commerce & Industry has said that India and Indonesia will cooperate closely in the areas of Information Technology, pharmaceuticals and agro-products to step up the current level of bilateral trade. This was indicated when Ms. Rini M. S. Soewandi, Minister of Trade and Industry, Indonesia, called on Shri Maran, here today, with a 16-member delegation. Shri Dipak Chatterjee, Commerce Secretary and Shri V. Govindarajan, Secretary (IPP) were present in the meeting along with other senior officials.

    Shri Maran raised the issue of Counter Trade in wheat with the visiting Minister and asked the Indonesian side to nominate a company that they deem fit to undertake counter trade. As per the MOU signed between MMTC Ltd., and Indonesian Chamber of Commerce, in February 2000, the Indonesian side has to designate a company to undertake counter trade. Indonesian Minister assured that her Department will take up this issue and a tangible solution will come out by the time Indonesian President visits India in the end of March this year. Indian side informed that 10% reduction in tariff on crude palm oil has been effected w.e.f. 30/11/2001 and no special additional duty (SAD) is levied on import of crude oil. Indonesian side evinced keen interest in seeking expertise of India in information technology and pharmaceutical sectors.

    Shri Maran informed that knowledge-based industry in India is growing very fast and it requires movement of persons. In this regard, he underlined the need to rationalise the visa regime. Both sides agreed to work out closely in the cases of anti-dumping issues.

    India-Indonesia bilateral trade during 2000-2001 amounted to US $ 1301.78 million with our exports at US $ 399.24 million and imports at US $ 902.54 million. The total Indian investment in Indonesia is about US $ 800 million whereas the Indonesian investment in India is about US $ 83 million. The major items of exports to Indonesia include oil meals, groundnut, agro-chemicals, cotton yarn fabrics, machinery and instruments etc. Major items of imports include vegetable oils (edible), coal, coke and briquettes, organic chemicals etc.