JAKARTA - The Ukrainian government exempts safeguard duty for wire products from Indonesia. This was conveyed by Muhammad Lutfi, Minister of Trade of the Republic of Indonesia, in a press release quoted on Tuesday (18/5).
According to him, the policy will encourage increased exports of Indonesian cable products to Ukraine. "This will open up opportunities for exporters to expand market access to the country," he said.
The decision to be free of safeguard duty on RI wire products was released by the Ministry of Foreign Economic Activity and Trade Protection of Ukraine on March 29, 2021. Before the decision was made, the trade authority in Ukraine was investigating the recommendation to impose safeguard duty for three years with a margin of 23.5% for all. countries, except Indonesia because the share of cable imports is below 3%.
Between 2018-2020, the export value of Indonesian cable to Ukraine was US$ 206 million, while Ukraine's need for cable products was US $ 776.43 million.
Indrasari Wisnu Wardhana, Acting Director (Plt) of the Director General of Foreign Trade at the Ministry of Trade said that Ukraine can be used as a cable market by Indonesian exporters. "Indonesia's exports to non-traditional markets such as the Ukrainian market will increase if they are optimally utilized," he said. (LK/LM)