21/12/2012 (Bernama) - Malaysia and India have revised upwards the bilateral trade target to US$20 billion by 2015 from US$15 billion previously, with the robust movement of goods between the two nations, Prime Minister Datuk Seri Najib Tun Razak said today.

He said two-way trade between the two coutnries has attained very encouraging growth.

Last year, total trade increased 32.7 per cent over 2010 to reach US$12.54 billion. Malaysia's exports rose 34.6 per cent from US$6.5 billion in 2010 to US$9.2 billion last year.

"This year, we see bilateral trade volume has increased by 5.6 per cent. Albeit slightly less, this is an achievement that can be regarded as good given the still weak world economy and shrouded with uncertainties," Najib, who is also Finance Minister, told Malaysian journalists after holding a bilateral meeting with India's Prime Minister Dr Manmohan Singh.

Najib is in New Delhi to attend the two-day Asean-India Commemorative Summit which starts today.

Between January and October this year, Malaysia's exports to India totalled US$7.7 billion, while imports amounted to US$3.3 billion.

"Given the very positive bilateral trade, the two ministers responsible for international trade; on our side Datuk Seri Mustapa Mohamed and his Indian counterpart have initially set the bilateral trade target at US$15 billion by 2015.

"But after taking into account the very encouraging trade volume, the two prime ministers have set a new target at US$20 billion to be attained by 2015," he said after the 30-minute meeting with Manmohan Singh.

Also present at the bilateral meeting were Foreign Minister Datuk Seri Anifah Aman, International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Malaysia's Special Envoy to India and South Asia for Infrastructure, Datuk Seri S. Samy Vellu and Malaysia's High Commissioner to India Datuk Tan Seng Sung.

India is one of Malaysia's important trading partners. Since 1998, India has been Malaysia's largest export destination in South Asia region.

Malaysia's major exports to India last year were electrical and electronics products, chemicals and chemical products, manufactures of metal and palm oil while Malaysia's main imports from India were also chemicals and chemical products, manufactures of meal and meat.

The implementation of the Malaysia-India Comprehensive Economic Cooperation Agreement on July 1, 2011 had further boosted bilateral trade between the two nations.