Asia > South-Eastern Asia > Indonesia > Indonesia to discuss trade agreements during IORA meetings

Indonesia: Indonesia to discuss trade agreements during IORA meetings

2017/03/06

The Trade Ministry will approach six nations, mostly non-traditional markets, to try and expand Indonesian exports and discuss the potential of sealing trade agreements during a series of high-level meetings with members and partners of the Indian Ocean Rim Association (IORA) next week.

The six nations are the United Arab Emirates (UAE), South Africa, Bangladesh, Iran, the United States and the United Kingdom (UK).

The UAE, South Africa, Bangladesh and Iran are IORA members, while the US and the UK are IORA partners that will participate in the meetings from March 5 to March 7.

“We’ve agreed with Saudi Arabia to conduct a joint study [on a trade agreement] and we will discuss similar issues with the six nations during the IORA Summit,” Trade Minister Enggartiasto Lukita said on Friday at a press conference on the IORA.

Inking trade agreements such as free trade agreements and preferential trade agreements is a crucial part of Indonesia’s strategy to boost exports in the middle-term.

The major economy in Southeast Asia has struggled to maintain its export increase as the prices of commodities, which make up a sizeable portion of the country’s overseas shipments, have fallen over the completed few years.

In general exports declined by 3.95 % to US$144.4 billion last year according to data from the Central Statistics Agency.

This year, the Trade Ministry will set a additional moderate export increase target, hoping that exports will surge by 5.6 % from an before projection of 11.9 %.

Related Articles

UNWTO: International tourism – strongest half-year results since 2010
2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.
Invest in Riau, Indonesia Green, prosperous and at the heart of ASEAN
2017/08/11 Business-friendly Riau is working to encourage visitation and investment while as well preserving its forests Strategically on the eastern coast of Sumatra, along the Strait of Malacca and close to neighboring Malaysia and Singapore, Riau province sits at the center of the ASEAN region and is known for its natural resources and endless forests. The provincial capital and major city is Pekanbaru, which translates as ‘new market’ in Indonesian. It has long been known as a mercantile center since the Kingdom of Siak fell under the influence of the Dutch East India Company during the mid-1700s. This strategic city of trade was transferred to the Dutch authorities and remained a commercial investment during the colonial period.
Indonesia's Joko Widodo in World Economic Fourm Jakarta.
2017/05/29 Amid the 2017 Jakarta Election, some loosely interpreted laws (such as regarding blasphemy, anti-Pancasila, and treason) have frequently been used as a tool for political manoeuvre both by the establishment and the opposition. The majority prominent victim of this exploitation of democratic space is the incumbent Jakarta Governor, Basuki Tjahya Purnama. Political balancing nuanced the government’s intention to disband Hizbut Tahrir Indonesia (HTI), one of the mobilising forces behind the anti–Basuki Tjahya Purnama (Ahok) series of rallies throughout Indonesia. Indeed, the government has been closely monitoring HTI for years, due to suspicion over their activities promoting world Islamic caliphate ideology, which is deemed incompatible with Indonesia’s democratic values.
Seychelles promotes eco-culture tourism in Kutai Kartanegara, Indonesia
2017/05/29 Seychelles recently organized the visit of 15 youths and students from 8 nations to Kutai Kartanegara in East Kalimantan as part of its effort to help promote compassionate destinations of eco-culture in Indonesia. Seychelles Appropriate Envoy for ASEAN, Mr. Nico Barito, said the youth and students came from France, the Netherlands, Japan, Liberia, Madagascar, Belgium, Dominican Republic, and Italy.
Government enacts large-scale infrastructure development to boost long-term economic growth and improve national competitiveness
2017/05/28 Government enacts large-scale infrastructure development to boost long-term economic increase and improve national competitiveness As Margaret Thatcher, Britain’s longest-serving prime minister and the initial woman to have been elected to that office once famously said, “You and I come by road or rail, but economists travel on infrastructure”. This wry observation rings particularly authentic at the same time as applied to Indonesia today. Since the establishment of the Republic in 1949, the Indonesian economy and social development that has been held back by a pronounced lack in the quality and quantity of its infrastructure. Certainly this is due to the lack of investment during the colonial period and the vast damage inflicted onto the country by World War Two and the subsequent struggle for independence.