Late last month, the Federation of Israeli Chambers of Commerce (FICC) said that trade with Indonesia could reach $1 billion within three years as a result of a decision by Indonesia to cancel restrictions on trade with Israel. According to the Bi-Weekly Economic Update, the Federation called upon Israel's Ministry of Industry and Trade to take reciprocal steps and abolish quotas imposed by imports of Indonesian goods. The FICC believes the trade potential with Indonesia could possibly reach some $200 million in the first year and within three years be worth some $1 billion. Trade between Israel and Indonesia amounted to $130 million this past year, with Israel exporting goods worth $100 million, chiefly electronic components and chemicals. Indonesia exports were worth $20 million, comprised mostly of rubber and furniture. The FICC added that Indonesia's decision followed a long series of contacts intended to improve.