REPUBLIKA.CO.ID, TAIPEI -- The governments of Taiwan and Indonesia agree to preserve economic and political stability in the Asia Pacific region.

"In addition we agree to cooperate with Indonesia and other countries around South China sea to promote peace and welfare through effective consultation," Taiwan Foreign Minister David Lin said when addressing the ceremony commemorating Indonesia's 70th independence here on Monday night.

David Lin said Taiwan wanted more comprehensive cooperation in resource development to follow the expansion of the bilateral relations.

"Taiwan is one of Indonesia's major rivals in trade as indicated by the value of Taiwanese investment of US$16.9 billion in Indonesia," he said.

Commenting about the implementation of the ASEAN Economic Community by the end of this year, David Lin said Taiwan wanted to maximize economic relations with Indonesia.

He said Taiwan wanted to take advantage of huge ASEAN market of more than 600 million, adding Taiwan would seek to promote economic relation ASEAN member countries especially Indonesia as the largest economy in the region.

He said Indonesia could play an important role in ASEAN, especially in the process of regional integration, peace and stability.

"In the past several years, we have seen a remarkable performance of Indonesia in economy and development of democracy making it a good example for other countries," he said.

Two Taiwanese ministers including David Lin who came with his wife and Minister for Mainland China Andrew Hsia attended the ceremony together with other foreign representatives in Taipei.

Trade between the two countries was valued at around US$11.23 billion in 2014.

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