Indian PM Narendra Modi and Indonesian President Prabowo Subianto recently expressed desire for a timely conclusion of the review of the ASEAN-India Trade in Goods Agreement, followed by a comprehensive deeper engagement to enhance bilateral trade.
They underscored the importance of building diversified and resilient supply chains essential for the growth of respective domestic manufacturing industries.
Both leaders emphasised the need to fully utilise and strengthen existing bilateral economic mechanisms, which should work towards achieving concrete and business-oriented outcomes in addressing outstanding tariff and non-tariff issues, improving market access, facilitating trade and investment, and advancing cooperation in finance, digital economy, industry and supply chains, according to a joint statement issued by both sides.
They underscored the importance of building diversified and resilient supply chains essential for the growth of respective domestic manufacturing industries towards reducing vulnerabilities and strengthening economic security.
Both noted that the operationalisation of guidelines on local currency transaction between the Reserve Bank of India and Bank Indonesia would further promote bilateral trade and investment and deepen financial integration.
Fibre2Fashion News Desk (DS)
