REPUBLIKA.CO.ID, NAY PYI TAW -- Indonesian and Myanmar leaders on Wednesday agreed to increase trade between their two countries to 1 billion U.S. dollars by 2016.

Myanmar President U Thein Sein met with his Indonesian counterpart Joko Widodo after the opening ceremony of the 25th ASEAN Summit in the Myanmar capital.

"Both sides pledged cooperation at regional and international level as well as reiterated commitment to reaching the 1 billion U. S. dollar goal in trade relations," said a statement released after the meeting.

In 2012, Indonesia-Myanmar trade reached 465 million U.S. dollars, increasing 7.98 percent from 430.7 million U.S. dollars in 2011. In 2012, Indonesia recorded cumulative investment values worth 241.5 million U.S dollars, boosted by the expansion of Indonesian businesses in Myanmar.

The enhancement of cooperation includes various sectors, such as agriculture, energy, technology, preventing and combating transnational organized crime, capacity building partnerships, investment and bilateral trade for both countries' mutual benefit.

The two countries earlier this year reached an agreement to allow reciprocal 30-day, visa-free travel for citizens of both countries, with the new policy expected to be effective this month.

The visa waiver regime reflects ASEAN's plans to introduce a common visa for the whole region with the establishment of an ASEAN Economic Community in 2015.

Myanmar has already signed visa-free agreements with Brunei, Laos, Cambodia, the Philippines and Vietnam, and is currently in talks with Malaysia and Singapore.

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