Singapore, Indonesia to conclude investment treaty next month

SINGAPORE, Sept 09 (Xinhua): Singapore and Indonesia agreed here Friday to conclude ongoing negotiations of the Singapore-Indonesia Bilateral Investment Treaty (BIT) before their leader hold a retreat in October this year, according to a government press release.

It was reached during the 8th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting, chaired by Singaporean Minister for Trade and Industry (MTI) Chan Chun Sing and Indonesia's Coordinating Minister of Economic Affairs Darmin Nasution in Singapore, said the MTI press release.

They also reached consensus to expedite talks on the review of an Avoidance of Double Taxation Agreement.

Moreover, the ministers signed a report outlining the key economic initiatives that Singapore and Indonesia have been engaging on and the intended efforts, which will be submitted to the leaders of the two countries ahead of their meeting in October.