Indonesia eyes US tariff deal signing in January
Indonesia and the U.S. have agreed on all substantial issues for a tariff deal, paving the way for the signing of an agreement by the end of January
JAKARTA, Indonesia (MNTV) – Indonesia and the U.S. have agreed on all substantial issues for a tariff deal, paving the way for the signing of an agreement by the end of January, reports CNA.
Indonesia’s Senior Economic Minister Airlangga Hartarto, who met U.S. Trade Representative Jamieson Greer in Washington, said the U.S. wanted access to Indonesia’s critical minerals and had agreed to give tariff exemptions to its palm oil, tea and coffee.
Indonesia is the world’s biggest producer and exporter of palm oil and a major global supplier of robusta coffee beans.
Talks between the two countries had appeared at risk of collapse earlier this month after the U.S. accused Indonesia of backtracking on prior commitments, although Jakarta said their “dynamics” were normal and it was just a matter of “harmonizing the language”.
Airlangga repeated that there were “dynamics” during the talks, but said all substantial issues had been resolved and that the latest round of talks went well.
“The main thing, of course, is providing balanced market access for American products, and at the same time, market access for Indonesia to the U.S.,” Airlangga said in a video briefing with Indonesian media.
Officials from both countries are now seeking to set up a meeting between presidents Prabowo Subianto and Donald Trump by the end of January, where a trade agreement could be signed.
Airlangga said there was no provision in the agreement that would limit Indonesia from making trade deals with other countries. “No Indonesian policies are restricted by this agreement. This agreement is commercial and strategic in nature, and benefits the economic interests of both countries in a balanced manner,” he said.
Airlangga said there was no risk of the U.S. raising the tariff back to 32 percent if the January signing does not materialize because everything within the draft agreement had been agreed by both sides. “There is no factor that can hinder the signing of this ART (Agreement on Reciprocal Trade),” he said.
From January to October, two-way trade between the two countries was worth $36.2 billion, with Indonesia booking a $14.9 billion surplus.
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