JAKARTA, Nov. 9 (Xinhua) -- In a bid to bolster relations between the two economies, the Indonesian government signed up on Monday a comprehensive bilateral partnership agreement with the European Union (EU) called Partnership Cooperation Agreement (PCA).

    "The comprehensive PCA agreement signed today was the first conducted by the EU with ASEAN countries. The PCA reflects the rapidly growing importance of Indonesia-EU ties and opens a new era in bilateral relations based on shared principles such as equality, mutual respect, mutual benefit, democracy, rule of law and human rights," Indonesian Foreign Affairs Minister Marty Natalegawa said on the sidelines of PCA signing ceremony with EU Troika delegation.

    The PCA agreement signing was conducted after a ministerial troika meeting between Indonesia and the European Union, co chaired by Marty Natalegawa and Sweden Foreign Affairs Minister who holds the presidency of EU council Carl Bildt in Indonesian foreign affairs ministry's premises.

    The EU Troika also included Karel Kovanda, the acting EU Director General, Helga Scmidt. Policy unit Director at the EU and Jose Eugenio Salarich Fernandez-Valderrama, Director General at Spanish Foreign ministry who will be the incoming EU Council president.

    According to Marty, the PCA agreement brings a new level of Indonesia-EU bilateral relations as it would strengthen cooperation between Indonesia and EU in terms of trade, environment issue, energy, science and technology, tourism and culture, migration, fighting the terrorism and corruption efforts and organized crime.

    "It will also enhance cooperation between Indonesia and EU on global challenges as Indonesia and the EU are playing increasingly important roles such as in G20," Marty said.

    The PCA agreement would help pave the way for Indonesian goods in getting more access to EU market.

    "With oil and gas export to EU market at 20 billion euros (29.4 billion U.S. dollars) per year, EU has been the largest Indonesian oil and gas export. It would probably increase after PCA agreement as Indonesian goods would have more access to compete in European markets," Carl Bildt said.

    He said that besides Indonesia economic value and its important role in the region, the EU was also impressed with democracy implementation and significantly improving enhancement of the government's handling on human rights issue that led to the PCA agreement signing.

    "Indonesia has been the leading example in human rights and democracy that made us delighted about it," Carl said.

    Indonesia and EU have set priorities to be immediately developed in the relations between them in the frame of PCA agreement. Those priorities comprised of trade and investment, environment, education and human rights and democracy sectors.