JAKARTA. The Ministry of Trade recorded USD 39.87 billion surplus in Indonesia’s balance of trade, shifting 58.7% higher, from January to September 2022. Then, non-oil and gas export reportedly clocks up to USD 207.19 billion, increasing 33.21%.
Zulkifli Hasan, Minister of Trade, mentioned that in order to boost export growth, the government had established access to the markets of partnered countries through international trading agreements. For instance, there is the Comprehensive Economic Partnership Agreement (CEPA) between Indonesia and United Arab Emirates. Said agreement is scheduled to be ratified by the House of Representatives of Indonesia (DPR RI) no later than November 17, 2022.
Once the agreement takes effect, Indonesia is exempted from import duties that used to be imposed on exported products from Indonesia. “Then, from UAE, we could aim straight to Africa, South Asia, Central Asia, Middle-East, and even as far as East Europe. If we were to aim further, we could target the Latin America for more non-traditional markets,” Hasan added during the Trade Expo Indonesia yesterday (19/10).
On top of CEPA, in order to boost the export, there will also be the ratification of Regional Comprehensive Economic Partnership/RCEP Act. Furthermore, the Indonesia-Korea Bilateral Agreement Act has finished and been ratified by DPR RI. (AM/ZH)