US review of Indonesia trade preference to conclude soon
US Commerce Secretary Wilbur Ross said on November 6 that the US review of a trade preference facility for Indonesia will conclude soon with far more investment from American firms in Southeast Asia’s biggest economy, Reuters reported.
US Commerce Secretary Wilbur Ross shakes hands with Indonesia's Chief Economic Minister Airlangga Hartarto after their meeting in Jakarta, Indonesia on November 6. (Photo: Reuters)
Hanoi (VNA) – USCommerce Secretary Wilbur Ross said on November 6 that the US review of a tradepreference facility for Indonesia will conclude soon with far more investment from American firms in SoutheastAsia’s biggest economy, Reuters reported.
TheOffice of the United States Trade Representative (USTR) has been reviewingIndonesia’s eligibility for the Generalised System of Preferences (GSP)facility for more than a year due to concerns about market access for US goods, services and investment.
Speakingafter meeting with Indonesian ministers in Jakarta as part of a regionaltour, Ross said bothsides have agreed to step up efforts to conclude the review, and heis confident that outstanding issues can beresolved very quickly.
He forecast Indonesia will see far more investment fromAmerican companies and far more bilateral trade with the US than right now.
TheGSP programme gives Indonesia lower tariffs on exports to the US worth 2 billion USD annually.
American firms including automaker Tesla and conglomerateHoneywell areseeking business opportunities in Indonesia, and Jakarta had promised improvements to the investmentclimate, said Indonesian Chief Economic Affairs Minister Airlangga Hartarto.
Totaltwo-way trade was worth 28.6 billion USD last year, according to Indonesian trade ministry data./.
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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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US Commerce Secretary Wilbur Ross shakes hands with Indonesia's Chief Economic Minister Airlangga Hartarto after their meeting in Jakarta, Indonesia on November 6. (Photo: Reuters)
