ASIATODAY.ID, JAKARTA – The Ministry of Trade of the Republic of Indonesia is targeting the Indonesia European Comprehensive Economic Partnership Agreement (IEU-CEPA) to be completed in September 2024.
Indonesian Minister of Trade, Zulkifli Hasan, said that his party had completed trade diplomacy through a series of agreements. With the European Union, he hopes that the agreement can be completed next month, so that Indonesia can increase the value of exports for national economic players.
“Many things are complicated. For example, Vietnam sends shoes to the European Union with zero tax, from Indonesia it gets 5-6%, we lose. “Hopefully September can be completed,” said Zulkifli in the Trade Corner Special Dialogue event entitled ‘Foreign Trade Policy Strategy & Optimism to challenges at the WTO’ at the Ministry of Trade Building Auditorium, Jakarta, Thursday, August 29 2024.
According to Zulkifli, IEU-CEPA is very important, especially since Indonesia plays an active role in international trade, both multilateral, regional and bilateral, to increase export value and provide incentives for national economic actors.
“Trade diplomacy through agreements is an important thing to do. “This is evident from the increase in exports to China which soared by almost 500%,” he said.
If detailed, the largest increase in Indonesian exports was to China at 440%, India at 270%, and ASEAN at 220%. Apart from that, the increase in exports to other FTA partner countries was Korea by 65%, Australia-New Zealand 29% and Japan 12.3%.
“With China, in the last 3 years our trade has increased by almost 500%. With India and others up almost 300%. “So it is very important to trade diplomacy through agreements,” he said. (ATN)
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