Skip to main content

Joko Widodo and Mike Pence preparing new trade concept to replace TPP

Get updates direct: Subscribe via email
Tinuku ~ Indonesia and the United States are preparing a new trade concept called "free and fair" or can be interpreted as free trade, but fair for both countries. A post-meeting commitment of President Joko Widodo (Jokowi) and US Vice President Mike Pence at Merdeka Palace, Jakarta, Thursday April 20, 2017.

Tinuku Joko Widodo and Mike Pence preparing new trade concept to replace TPP

Indonesian trade minister Enggartiasto Lukita explained the concept was applied because the US decided to out of the Trans Pacific Partnership (TPP) which is considered not to support justice in trade.

"They've backed away from TPP, they say how we are with Japan, others, we tend to be bilateral, no problem," said Lukita.

Trade in Indonesia and the United States in 2016 is $23.4 billion, while in 2015 is $23.8 billion with surplus for Indonesia of $8.6 billion.

Indonesia's main exports to US were apparel manufacturing of $4.72 billion, food $1.78 billion, leather $1.56 billion, computers and electronic $1.43 billion, and fishery $1.39 billion. The main US exports to Indonesia are agricultural $1.81 billion, food $783.7 million, chemicals $781.6 million and transportation equipment $626.4 million.

Indonesian foreign minister Retno LP Marsudi said the new concept will be completed within the next month as Marsudi's plan to Washington DC to negotiate the concept of Indonesia.

"We will look at the possibilities, whether in trade and investment then policy, finance and others related to the International issue," Marsudi said.

Indonesia and US have great chance to boost the economy from the trade side if all can go in commitment. The markets of both countries are very open to goods from each country. Marsudi said the deficit in US is just a products, while for the service industry surplus.

"Keyword is win-win. We are from the beginning, the president says win-win. It is impossible for one party to be lucky in all sectors, so it is free and fair. Two keys," Marsudi said.


Popular posts

Denso, Ericsson, Intel, NTT DoCoMo and Toyota build big data

Alibaba's profit doubled for second quarter this year

Gesits electric motorcycle setup 100,000 units in 2018

China established first cyber-court in Hangzhou

Future Mobility setup electric cars hit global markets 2019