KUALA LUMPUR, Oct 20 (Bernama) -- The government has set a new bilateral trade target of US$25 billion (US$1=RM4.18) with Indonesia to be achieved by 2020 from US$16 billion recorded in 2015.
 
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the target was revised slightly lower from the earlier target of US$30 billion due to the current weak global economic environment.
 
"We have to be realistic. With the current global economic uncertainty, it is quite impossible to reach US$30 billion by 2020.
 
"If we keep the previous target, the country needs to grow at a pace of about 20 per cent per annum until 2020," he told reporters after holding bilateral talks with his Indonesian counterpart Enggartiasto Lukita held here today in conjunction with the one-day Matrade-KADIN Indonesia Business Forum.
 
The forum was organised by the Malaysia External Trade Development Corporation and the Indonesia Chamber of Commerce and Industry.
 
Last year, Malaysia's total trade with Indonesia rose 1.0 per cent to RM60.2 billion.
 
Malaysian exports to Indonesia consisted largely of petroleum, chemical products, machinery and parts, electric and electronic products which amounted to RM29.1 billion.
 
Imports from Indonesia comprised palm oil and palm-based products, petroleum products and chemicals products worth RM31 billion.
 
-- BERNAMA