India and Indonesia today signed an agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.

The agreement was signed by the visiting Indonesian Foreign Affairs Minister Marty Natalegawa and his Indian Counterpart S.M Krishna at the Hyderabad house in New Delhi this afternoon. Both countries also signed the agreed minutes of the 4th meeting of the Joint commission talks held between the two countries this morning.

Addressing the Joint Press conference along with his visiting Indonesian counterpart, External Affairs Minister S.M Krishna said, the talks were extremely fruitful and reviewed the entire gamut of India-Indonesia bilateral relationship including trade and commerce.

He said, both countries enjoy an excellent relationship based on the solid foundation of historical and cultural ties. Mr. Krishna said, both countries are also hopeful of achieving the trade target of 25 billion US Dollars by 2015.

Indonesian Foreign Affairs Minister Marty Natalegawa said, his country enjoys a robust, strong and friendly relationship with India. He said, the two countries have agreed to further strenthening of the bilateral relationship in to a strategic partnership. Mr. Marty Natalegawa said, the India and Indonesia are partners in the Non Aligned Movement and the ASEAN grouping.

(S/B Marty Natalegawa )

In reply to a question, Mr. Marty Natalegawa said, discussion are on to evolve a Code of Conduct for the South China Sea. He said, diffences on the South China sea is a fact, and a Code of Conduct was necessary to ensure the dynamic developments in the region are materialised in a manner conducive to the stability and peace in the region.

External Affairs Minister S.M Krisna said, India had made its stand clear on the issue and favours resolution of all differences for the prosperity of the region and in accordance with international law 

External Affairs Minister S.M Krishna also said, he has conveyed to Indonesian Foreign Minister Dr. Marty that India looks forward to the visit of his Excellency Mr. Yudhoyono, President of Indonesia in December this year for the India-ASEAN commemorative summit.