New Delhi, June 18 (PTI): India on Sunday said there was possibility of closer economic cooperation with Indonesia as External Affairs Minister, Pranab Mukherjee, arrived in Jakarta yesterday to push the 'Look East' policy.

Mukherjee would be in Indonesia for two days during which he will co-chair the Joint Commission meeting with his counterpart, Hassan Wirajuda.

During the meeting, the two sides will review the status of bilateral relations and ways to strengthen these further, particularly, in areas like trade and economy, investment, defence, pharmaceuticals, health, banking, agriculture, science and technology and space technology.

Addressing a function in Jakarta soon after his arrival, Mukherjee said that close political and cultural bonds existed between the two countries.

He said there are possibilities of closer economic cooperation which need to be further worked upon.

The two countries have strategic partnership under which areas are identified for enhancing cooperation for mutual benefit.

Indonesia is India's third largest trade partner in the 10-member ASEAN region with a trade value of $ 4.79 billion last year. The two countries have set up a trade target of $ 10 billion for 2010.

After his two-day stay in Indonesia, Mukherjee will travel to Singapore on Tuesday where he will launch the Indian Business Forum that is expected to benefit over 2,500 Indian companies operating in that country.

Mukherjee will call on Singapore President, S R Nathan, Prime Minister Lee Hsien Loong, Foreign Minister George Yong-Boon Yeo and senior Minister, Goh Chok Tong.