The Union Minister of Commerce and Industry Shri Anand Sharma today met the Indonesian Trade Minister Mr. Gita Wirjawan while accompanying Prime Minister Dr. Manmohan Singh on his two-day visit to Indonesia. Shri Sharma and Mr. Wirjawan discussed the state of negotiations on an early harvest agreement in the World Trade Organisation expected to be concluded in Bali Ministerial Meeting of WTO in early December 2013. Both Ministers agreed that in order to maintain the importance of the multilateral trading system, a positive conclusion of negotiations at Bali is essential.

On the issue of food security proposal spearheaded by Indonesia and India among other nations of the G33, both the Ministers agreed that a favourable decision was required to serve the needs of developing countries in fulfilling their food security commitments. Both Ministers recognised the positive forward movement on issues of trade facilitation and food security and hoped that a satisfactory decision would be taken by the WTO membership in Bali.

While discussing bilateral issues, Shri Sharma and Mr. Wirjawan felt the need for initiating negotiations on bilateral free trade agreement to implement the decision taken by leaders of both countries two years ago. Both Ministers decided to meet in December 2013 for the Bilateral Trade and Industry Ministers’ Forum.

Shri Sharma also raised the issue of restrictive regime on imports of pharmaceuticals, bovine meat and textiles. The Indonesian Minister assured a constructive review of its policy. On a suggestion by Shri Sharma, Mr. Wirjawan welcomed Indian investment in pharmaceutical sector in Indonesia.

Referring to the potential opportunities and historical trade and cultural relations between India and Indonesia, Shri Sharma said that India is committed to the consolidation of its partnership with Association of Southeast Asian Nations (ASEAN) states. Shri Sharma also mentioned the economic turbulence that had impacted all economies and felt the need to make a realistic assessment and find solutions to help inclusive growth. The Indian Minister called for more cooperation in the areas of renewable energy, health and pharmaceuticals between the two countries.

Earlier, yesterday, a delegation of Indian CEOs visited Jakarta and met Indonesian industry leaders at the first meeting of the India-Indonesia CEOs Forum. Both sides had fruitful discussions on various ways to enhance economic engagement between the two countries. As the two large emerging economies in the Asian region, the CEOs from both the sides agreed to promote business to business contacts in sectors like Information Technology, mining and infrastructure, power and clean energy, manufacturing, construction, services sector, agro based industry and renewable energy. The Indonesian side expressed that it would welcome more investments by way of smart capital which will promote transfer of knowledge, technology and innovation.

The CEOs Forum was also addressed by Indonesia’s Vice Minister for Trade Mr. Bayu Krisnamurti, Chairman of KADIN, Indonesia and the Deputy Chairman of Investment Coordinating Board (BKPM), Indonesia. The Forum was co-chaired by Mr. Venu Srinivisan of TVS Motors on the Indian side and by Mr. Chris Kanter, Vice Chairman for Trade and International Relations, KADIN, Indonesia.

Trade negotiations: push for positive Bali outcome to safeguard multilateral trade and advance food security and investment. Negotiations aimed at concluding an early-harvest agreement to preserve the multilateral trading system and advance trade facilitation, with both ministers supporting a favourable WTO decision on the G33 food security proposal. They agreed to begin talks on a bilateral free trade agreement, arrange a ministers' forum, and address restrictive import regimes on pharmaceuticals, bovine meat and textiles, with Indonesia agreeing to review policies and welcoming Indian pharmaceutical investment.