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Indonesia agrees to import Indian rice & sugar to push trade volume to $50 billion

Date: 18-09-2019
Subject: Indonesia agrees to import Indian rice & sugar to push trade volume to $50 billion
NEW DELHI: SE Asia’s biggest nation Indonesia has decided to purchase rice and sugarNSE 1.15 % from India — a move that will help to reduce trade deficit between the two sides and push trade volume to $ 50 billion by 2025.

The bilateral trade is currently in favour of Indonesia and export of rice and sugar from India will help to bridge trade deficit, ET has learnt.

This decision to import Indian rice and sugar is understood to have been taken by Jakarta in the backdrop of India providing level playing field to Indonesian palm oil by charging same duties on Malaysian palm oil.

On September 16 the Embassy of India, Jakarta, in partnership with the Ministry of Trade of Government of Indonesia, jointly hosted a Multi Product Road Show, focusing on exports of Bovine Meat, Rice and Sugar from India to Indonesia.

The event attended by 40 member trade promotion delegation led by Paban Kumar Borthakur, Chairman of the Agricultural Products Export Development Authority (APEDA) (an apex body under the Ministry of Commerce and Industry, Government of India). The business delegation of APEDA comprised of senior representatives of Indian Agro Industry from key commodities of rice, sugar and bovine meat.

During the first leg of the visit to Jakarta, a B2B meeting session was held, which was followed by a Business Seminar on 16th September, which was inaugurated by Enggartiasto Lukita, Minister of Trade, Indonesia. It was attended by senior officials of the Ministry of Trade, Ministry of Agriculture, Indonesian meat producers/importers associations, Indonesian Chamber of Commerce and Industry (KADIN), State Procurement/Logistics Agencies (Bulog, PT Berdikari and PT PPI), private import houses and retailers, apart from the Media.

Ambassador of India Pradeep Kumar Rawat in his opening address reiterated the target of $ 50 billion set for bilateral trade, to be achieved by 2025 and urged the participant companies of both countries to explore means to diversify trade basket through focused items such as bovine meat, sugar and rice. In his inaugural address at the event, Lukita expressed the hope that the multi product road show would lead to greater synergies in trade between the two sides.

During the visit to Jakarta, the APEDA delegation also had discussions with Director General of Foreign Trade of Indonesian Ministry of Trade, Bulog & Pt Berdikari (State Owned Procurement Agencies of Indonesia), and AGRI (Indonesian Refined Sugar Association).

Bilateral trade between India and Indonesia during 2018-19 was $ 21.11 bn and in the context of achieving the target of $ 50 billion set by the leaders of both countries, the visit of APEDA led business delegation to Indonesia is aimed at exports of Buffalo Meat, Rice and Sugar into Indonesian market.

Source: economictimes.indiatimes.com

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