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India calls for diversification of export basket for sustainable trade with Indonesia
Jul 10, 2019

India Tuesday raised concerns about widening trade deficit with Indonesia and called for diversifying the export basket for sustainable trade. 
 
The issue was flagged by Commerce and Industry Minister Piyush Goyal in his meeting with Indonesian Minister of Trade Enggartiasto Lukita here. 
 
Goyal raised concerns about India's trade deficit with Indonesia which stood at USD 10.57 billion in India's trade deficit with Indonesia during 2018-19,the commerce ministry said in a statement. 
 
He said the balance of trade is heavily in favour of Indonesia and both countries need to work towards establishing sustainable trade by diversifying the export basket. 
 
There is considerable potential for expanding trade in agricultural, automobiles, engineering products, IT, pharmaceuticals, bio-technology and healthcare sectors, he added. 
 
With a bilateral trade of USD 21.13 billion in 2018-19, Indonesia has emerged as the second-largest trading partner of India in the ASEAN region after Singapore. 
 
Goyal also highlighted India's concern on the import quota restrictions faced by Indian automobile and automobile component industriesNSE 1.63 % in Indonesia on completely built-up units (CBU) and tyres. 
    

Economictimes.indiatimes

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