Indonesia, European countries agree to remove tariff barriers
Indonesia and the European Free Trade Association (EFTA) on December 16 signed a bilateral agreement to boost trade and investment cooperation after nearly eight years of negotiations.
Hanoi (VNA) - Indonesia and theEuropean Free Trade Association (EFTA) on December 16 signed a bilateralagreement to boost trade and investment cooperation after nearly eight years ofnegotiations.
Under the agreement, Indonesia and the EFTA countries - Switzerland,Liechtenstein, Norway and Iceland - will remove tariff and non-tariff barriers onthousands of their exports.
Among the products, Indonesia’s palm oil will have full market access inIceland and Norway. Switzerland will also allow easier access of palm oilproducts of Indonesia to the country, but in limited quantities.
The Indonesian Ministry of Commerce said access to palm oil markets had prolongednegotiations between the country and the EFTA member nations for years. Thefirst round of negotiations took place in early 2011.
According to the ministry, both sides willbenefit from this agreement.
Major exports of Indonesia, such as seafood,coffee and textiles, will also enjoy preferential tariffs when entering the EFTAmember countries. In return, EFTA partners’ key products such as gold, pharmaceuticalsand dairy products will have easier access to the Indonesian market.
In 2017, Indonesia-EFTA import-export turnover hit 2.4 billion USD, of whichIndonesia enjoyed a trade surplus of 212 million USD. The EFTA countries invested621 million USD in Indonesia in the year.-VNA
Croatian, Slovak, Bulgarian, and Swiss Ambassadors to the Association of Southeast Asian Nations (ASEAN) presented credentials to ASEAN Secretary-General Le Luong Minh on December 2, affirming their Governments’ commitments to closer ties with the bloc.
A joint statement was signed on November 25 on the completion of negotiations for an Indonesia-European Free Trade Association (EFTA) Comprehensive Economic Partnership Agreement (IE-CEPA).
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Illustrative image (Source: //trade.ec.europa.eu) 
