FBCCI President Yussuf Abdullah Harun and visiting Indonesian business delegation leader Ilhamy Elias signed the agreement on behalf of their respective sides at the Prime Minister's Office.

Bangladesh Prime Minister Khaleda Zia and Indonesian President Megawati Soekarnoputri witnessed the signing ceremony. Senior ministers of the two countries were also present.

"We believe this will be proactive forum and will pave the way for rapid development of trade and investment between our two countries," Harun told a function at Sonargaon Hotel, after signing the agreement.

At the same time, he expected that co-operation between the two governments would be strengthened further to facilitate trade and investments, hold exhibitions and fairs, speedy business and develop better shipping and air links.

The JBC, which came into effect immediately, was an outcome of private sector initiatives of the two countries. They felt the need for establishing a co-operative body to bring together their business communities.

By setting up the JBC, the two trade-bodies agreed to provide a forum for more systematic business promotional activities including investment, technology transfer and industrial development.

"The JBC agreement will provide a regular and recognised platform for discussions on promotion at these activities between business people and industrialists of the two countries," Harun said.

Under the umbrella of the JBC, the two sides would exchange trade and economic co-operation information, put forward suggestions to their respective governments to improve trade and economy, and if necessary, host missions and receive businessmen and technical experts from either sides.

Both sides would hold joint meetings as mutually agreed upon to consult various problems pertaining to the promotion of trade, economic co-operation and services between Bangladesh and Indonesia.

The joint meeting will generally be held alternately in each country.

The date, duration and agenda of the joint meeting and other particulars deemed necessary would be decided in advance.

The secretarial services and activities in Bangladesh side would be carried out by the FBCCI while on the Indonesian side, it would be carried out by the KADIN the Indonesian Chamber.