With Indonesian President Susilo Bambang Yudhoyono to be the chief guest on Republic Day next year, both the countries are likely to set the ball rolling for Free Trade Agreement.
"We hope for a FTA in the days to come with Indonesia and the dates for beginning of the dialogue is expected to be announced during the Indonesian President's visit in January," Union Commerce and Industry Joint Secretary Sumanta Chaudhuri said. The FTA is expected to cover goods, services and investments, he said, adding that the bilateral trade target between the two countries was likely to double from $10 billion achieved in 2009.
India has a trade agreement with ASEAN and with Indonesia as its second largest export market in the region, it could tap opportunities in Information technology (IT), education and healthcare sectors in that country.
Chaudhuri said South east Asia remained a focal region and India was looking at $45 billion during the current fiscal, which would increase to $70 billion by 2014.
