The centuries old economic relationship between India and Indonesia have been formalized and firmly established through a number of agreements, declarations and MoUs. The first trading agreement was signed in January 1953, further extended in June 1978, when the two countries agreed to develop mechanisms in order to strengthen and diversify trade and commercial links. Both the countries signed a bilateral Agreement on Avoidance of Double Taxation in January, 1986. The two countries also signed an Agreement for the Promotion and Protection of Investments, during the G-15 meeting in Jamaica in February 1999 and which came into force in January 2004. An India-Indonesia Joint Commission Meeting (JCM) was held in Yogyakarta in September 2003, which mandated the promotion of bilateral economic and commercial relations and the setting up of an "India-Indonesia Expert Working Group." The expert working group is expected to recommend directly to the JCM on finding out ways and mechanisms to further expand their economic cooperation. During the 2005 visit of the Indonesian President, the two countries also signed a Memorandum of Understanding on setting up of a Joint Study Group to examine the feasibility of entering into a Comprehensive Economic Cooperation Agreement. The total value of bilateral trade has gone up from US$1.12 billion in 1995-96 to US$2.5 billion in 2003-04 and reached US$4 billion in 2005. The bilateral trade target has now been set at US$10 billion by 2010. India imports palm/vegetable oil – crude and processed – coal, petroleum and paper products, and spices whereas major Indonesian imports are textile yarn, chemicals, electric power machinery and parts, refined petroleum products, iron and steel goods, wheat, rice and sugar. India is the largest importer of crude palm oil and Indonesia has become India’s second largest trading partner in ASEAN after Singapore. Energy forms another important area in which the two countries are exploring the possibility of cooperation. During her visit to India in 2002, then Indonesian President, Sukarnoputri, addressing a joint meeting sponsored by the FICCI and the CII in 2002, had expressed her country’s willingness to supply oil and gas to India. India is now studying the possibility of procuring natural gas from Indonesia through an undersea pipeline from Aceh to the Nicobar Islands. The bilateral trade has gone further up with Indonesia’s economic recovery and a growing realization between the two countries about the strategic necessity of strong economic bilateral relations.