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The Star
6 days ago
- Business
- The Star
Indonesia to cut tariffs, non-tariff barriers in US trade deal, Trump official says
A drone view shows stacks of containers at the Tanjung Priok port in Jakarta, Indonesia, July 10, 2025. REUTERS/Ajeng Dinar Ulfiana/File Photo WASHINGTON (Reuters) -Indonesia has agreed to eliminate tariffs on more than 99% of U.S. goods and scrap all non-tariff barriers facing American firms, while the U.S. will drop threatened tariffs on Indonesian products to 19% from 32%, the two countries said on Tuesday. Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers." Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White House. They said negotiators for both countries would finalize the actual agreement in coming weeks. "Today, the United States of America and the Republic of Indonesia agreed to a framework for negotiating an agreement on reciprocal trade to strengthen our bilateral economic relationship, which will provide both countries' exporters unprecedented access to each other's markets," the statement said. The Indonesia deal is among only a handful reached so far by the Trump administration ahead of an August 1 deadline when higher tariffs are due to kick in. The U.S. tariff rate on Indonesia, Southeast Asia's largest economy, matches the 19% announced for the Philippines earlier on Tuesday. Vietnam's tariff rate has been set at 20%. Under the agreement, Indonesia will immediately drop its plans to levy tariffs on internet data flows and it agreed to support renewal of a longstanding World Trade Organization moratorium on e-commerce duties, a senior Trump administration official told reporters on a conference call. Indonesia also will remove recently enacted pre-shipment inspections and verifications of U.S. exports that have posed problems for U.S. agricultural exports and contributed to a growing U.S. farm trade deficit, the official said. The official, who was not authorized to speak publicly, said the agreement could help restore the surplus in agricultural goods that the United States once had with Indonesia, until it implemented the pre-shipment requirements. In a win for U.S. automakers, the official said Indonesia has agreed to accept U.S. Federal Motor Vehicle Safety Standards for vehicles exported from the United States to the growing country of 280 million people. Indonesia also has agreed to remove export restrictions on industrial commodities, including critical minerals, the joint statement said. The U.S. official said it would also remove local content requirements for products using these commodities that were shipped to the United States. The joint statement said the U.S. would reduce the reciprocal tariff rate to 19%, and "may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate." No further details were provided. The two countries said they would negotiate rules of origin to ensure the benefits of the deal accrue mainly to the U.S. and Indonesia, not third countries. They said Indonesia would work to address barriers for U.S. goods, including through the removal of import restrictions and licensing requirements on U.S. remanufactured goods or parts. Indonesia also agreed to join the Global Forum on Steel Excess Capacity and take actions to address global excess capacity in the steel sector. (Reporting by Andrea Shalal and David Lawder; Editing by Jamie Freed)
Straits Times
20-06-2025
- Business
- Straits Times
Indonesia expects to sign free trade deal with Russia-led union this year, minister says
FILE PHOTO: Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs, gestures as he talks during an interview with Reuters at his office in Jakarta, Indonesia, June 8, 2023. REUTERS/Ajeng Dinar Ulfiana/File Photo Indonesia expects to sign free trade deal with Russia-led union this year, minister says JAKARTA - Indonesia expects to sign a free trade agreement with the Russian-led Eurasian Economic Union (EAEU) this year in a move likely to boost demand for its commodity exports, its senior economic minister said in a statement released on Friday. Coordinating Minister for Economic Affairs Airlangga Hartarto said the agreement would open up new opportunities for commodities including crude palm oil, coffee and natural rubber. Both parties announced on Thursday they had completed substantive talks for the agreement. "I hope both parties can immediately follow this up by completing all the necessary stages of the process so that this agreement can be signed this year," Airlangga said. As of March, the value of trade between Indonesia and the EAEU stood at $1.6 billion, 85% more than the same period last year, Indonesia's coordinating ministry for economic affairs said. The EAEU is already one of Indonesia's biggest palm oil buyers, with imports valued at $544.64 million in 2023. The EAEU's main exports to the Southeast Asian nation include fertilisers and ferro-alloys. The completion of Indonesia-EAEU FTA talks was announced on Thursday during President Prabowo Subianto's visit to Russia this week for a meeting with Russian President Vladimir Putin. The EAEU has five members: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
14-06-2025
- Business
- The Star
Indonesia aims to seal EU free trade agreement in 2026, official says
A man walks past as a container is unloaded from a truck at Tanjung Priok Port in Jakarta, Indonesia, April 3, 2025. -- REUTERS/Ajeng Dinar Ulfiana JAKARTA (Reuters): Indonesia aims to seal a free trade agreement with the European Union in 2026, Indonesian trade ministry official Djatmiko Bris Witjaksono said, after the two sides completed their latest round of negotiations. Indonesia and the EU have been in discussions on the agreement for about nine years, and are aiming to sign and ratify it by next year, Djatmiko told reporters, adding it could come into effect by late 2026 or early 2027. The EU has committed to provide market access to priority Indonesian products such as palm oil, textiles, footwear and seafood, Djatmiko said. Indonesia and the EU have previously clashed on tougher EU trade rules for products with potential links to deforestation, which could have an impact on shipments of Indonesian palm oil. In turn, Indonesia has also pledged to increase market access for agricultural and manufactured goods from the EU, Djatmiko said. EU ambassador to Indonesia Denis Chaibi said negotiations are ongoing and "substance will determine timing." The main benefits of the free trade deal for Indonesia include increased foreign direct investment from the EU in sectors like renewables, semiconductors, and mineral derivatives, a presentation slide presented by Djatmiko showed. The deal could increase exports by 5.4%, according to an internal benefit analysis, but senior economic minister Airlangga Hartarto said this was a conservative estimate and he targets a 50% increase in three years. In 2024, the EU invested US$1.1 billion in Indonesia, a drop of more than 50% from the previous year. Indonesia's exports to the EU last year were worth US$17.3 billion, while imports from the EU were worth US$12.8 billion, Indonesian government data showed. (Reporting by Gayatri Suroyo; Writing by Stanley Widianto; Editing by John Mair, David Stanway and Susan Fenton) - Reuters
GMA Network
21-05-2025
- Politics
- GMA Network
ASEAN to dedicate two meetings to Myanmar conflict next week, chief says
Secretary-General of ASEAN, Kao Kim Hourn, speaks during an interview with Reuters at the ASEAN secretariat building in Jakarta, Indonesia, May 21, 2025. REUTERS/ Ajeng Dinar Ulfiana JAKARTA, Indonesia - The Southeast Asian grouping ASEAN will hold two meetings specifically on the civil war in army-ruled Myanmar ahead of its summit next week, the bloc's secretary-general said on Wednesday, in a bid to advance its faltering peace effort. The 10-member Association of Southeast Asian Nations has repeatedly called for a halt in hostilities between rebels and the ruling junta that have displaced an estimated 3.5 million people since the military overthrew the elected civilian government of Aung San Suu Kyi in 2021. ASEAN's peace proposal that same year, the "Five Point Consensus", which calls for an end to violence and dialogue between warring groups, has made barely any progress, resulting in Myanmar's ruling generals being barred from its summits. "This is something new that will specifically focus on Myanmar, that they will take no other issue," ASEAN Secretary-General Kao Kim Hourn told Reuters in an interview, referring to the two meetings in Malaysia on Myanmar. Kao Kim Hourn did not specify the issues up for discussion or if there were new proposals to be made. He said the first meeting would involve the current, previous and next ASEAN chair nations, namely Malaysia, Laos and Philippines, respectively. The second gathering would be of the bloc's foreign ministers, he said. Once seen as a promising frontier market following a decade of economic reform and tentative democracy, the 2021 coup plunged Myanmar into chaos, with the military struggling to govern and battling to contain a widening rebellion by ethnic minority rebels and a pro-democracy resistance movement. The military has been accused of widespread atrocities, including air strikes on civilian areas, allegations it has rejected as western disinformation. 'We are all impatient' Asked about the lack of progress on Myanmar, Kao Kim Hourn defended ASEAN's plan, describing it as "beautiful", but urged all stakeholders to implement it. "It will be presumptuous for any party to expect a quick fix to this issue. For us, we stay engaged," he said. "But it may take time. You see, the thing is that we all are too impatient." "And as long as we bring down, you know, large-scale fighting to a smaller one, as long as we can bring people to the table, that's progress." He declined to comment on the military launching multiple airstrikes and artillery assaults, as reported by Reuters, despite a ceasefire after a major earthquake in March. Kao Kim Hourn said it was unclear who had violated the ceasefire. He also reiterated ASEAN countries and China were committed to finalising a protracted code of conduct for the hotly disputed South China Sea by next year, stressing the need to support that effort by maintaining peace. "What is important for us in this region, number one, is to de-escalate the tensions and to prevent any possible risk of miscalculation, misperception that gives rise to unnecessary tension and maybe conflict," Kao Kim Hourn said. He also cited good progress towards admitting an 11th member to ASEAN - East Timor - which he said had fulfilled a number of required criteria. "More likely, it could take place maybe later this year," he said. — Reuters
CBC
28-02-2025
- General
- CBC
Ramadan in pictures: Special prayers, blessings and more
Social Sharing Many Muslims around the world are observing Ramadan, which this year begins on Friday. It's the holy month when they abstain from food, drink and other pleasures from sunrise to sunset. Ramadan concludes with Eid al-Fitr (the festival of the breaking of the fast) on March 30. Here's a look at how worshippers mark this sacred period, which includes religious reflection, family gatherings and good deeds. (Ajeng Dinar Ulfiana/Reuters)
