Current Affairs - Persons - Discussion

Union Minister of Commerce and Industry Piyush Goyal held a bilateral meeting with Indonesian Minister of Trade Enggartiasto Lukita in New Delhi and agreed to work towards sustainable trade. The meeting took place on the sidelines of the Troika Meeting with ASEAN Trade Ministers. India's trade deficit with Indonesia that stood at 10.57 billion US Dollars last financial year. 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, biotechnology and healthcare sectors. The bilateral trade of 21.13 billion US Dollars in 2018-19. Indonesia emerged as the second largest trading partner of India in the ASEAN region after Singapore.