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India, Indonesia sign double tax avoidance pact, set $25 bn trade
target
Friday July 27, 2012 05:54:46 PM,
IANS
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New Delhi: India and
Indonesia, two of the six co-founders of the Non-Aligned Movement
and now among the world's emerging economies, Friday held talks to
map the way forward for deepening strategic ties and signed a
double tax avoidance pact to scale up bilateral trade to $25
billion by 2015.
External Affairs Minister S.M. Krishna held wide-ranging talks
with his Indonesian counterpart Marty M. Natalegawa on a wide
range of issues.
The two ministers discussed ways to expand cooperation in diverse
areas, including energy, oil and gas, defence, counter-terrorism,
agriculture, science and technology, education and culture.
After the talks, the two ministers signed an agreement on
avoidance of double taxation and on the "prevention of fiscal
evasion with respect to taxes on income", a key step that will
accelerate bilateral trade between the two countries.
"Indonesia is an important partner for us in our Look East policy.
Our trade has expanded rapidly and has now touched $20 billion,"
Krishna said at a joint press conference with his Indonesian
counterpart.
"We are confident of achieving the target of $25 billion set for
2015. Indian investment in Indonesia is rising," he said.
The two sides also "identified specific areas in which both
countries would be working together to take the relationship to
the next higher level," said Krishna.
The talks set the stage for the visit of Indonesian President
Susilo Bambang Yudhoyono to India for the India-ASEAN
commemorative summit New Delhi will be hosting in December.
Underlining the growing ties between India and the 10-nation
Association of Southeast Asian Nations (ASEAN), Yudhoyono was the
chief guest at India's January 26 Republic Day parade last year.
During Yudhoyono's visit, the two sides agreed on a biennial
meeting of trade ministers and the establishment of a Trade and
Investment Forum to leverage the full potential of their growing
economies.
India is steadily expanding and reinventing relations with
Indonesia, a key player in ASEAN and one of the world's fastest
growing economies. Besides, Indonesia is the world's fourth most
populous nation, the third largest democracy and the world's most
populous Muslim nation which shares a civilisational heritage with
India that dates back centuries.
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