The foreign trade and economic cooperation of the two countries witnessed a smooth development. After of restoration of the diplomatic relations the two countries have signed the "Air Transport Agreement", "Investment Protection Agreement", "Sea Transportation Agreement", "Agreement on Avoiding Dual Taxation" and also signed the memorandum for understanding of cooperation in the fields of mining, forestry, tourism, fishery, transportation, agriculture and finance, etc. In 1990, the two countries set up a joint committee for economic, trade and technological cooperation and so far it has held five meetings for it. In March 2002, an energy forum was put up and held the first meeting in September of the year.
Bilateral trade volume has risen very quickly since the two countries resumed diplomatic ties, from 1.18 billion US$ in 1990 to 7.464 billion in 2000. In 2001, the bilateral trade volume slided down a little bit, telling USD 6.725 billion due to the global economic slowdown and the first half of 2002 accounted for USD 3.6 billion, an increase of 5.7 percent compared with the corresponding period of the previous year. China is the 5th trade partner of Indonesia while Indonesia the 17th of China. By the end of 2001, agriculture, energy, exploration of resources and infrastructure construction had become the major parts of their economic and trade cooperation.
Dual directional investment has been gradually developed. Up to the 2001, the approved investment by Indonesia in China came to 841 items with an agreed investment valued at 1.7 billion in US dollars. China set up 53 non-trade joint ventures and jointly-operated enterprises in Indonesia with a total investment of 161 million in US dollars. By the end of 2001, the two sides reached a consensus on Bank of China reopening its branch in Jakarta.
China.org.cn, June 29, 2011