Hanoi (VNA) – Indonesia and the European Union (EU) have successfully finished the amendments of their tariff rate quotas (TRQ) on cassava products after the UK left the union.
Indonesia Ambassador to the World Trade Organisation Syamsul Bahri Sireg and Portuguese Ambassador to the EU Nuno Brito, who represents the EU, signed the deal, which allows the Southeast Asian country to export about 165,000 tonnes of cassava to the union each year at the tax rate of 6 percent.
Syamsul Bahri Sireg said that the agreement is the result of six rounds of negotiations since 2018.
It is a chance for Indonesia to boost agricultural exports amid stagnant negotiations at the WTO. Indonesia has also faced many challenges to sell its farm produce in the EU market, he added.
The WTO’s tariff rate quotas mechanism aims to offer lower tariffs within the quotas which are decided by the import country to a particular country.
Thanks to the lower tax rate, Indonesia’s cassava products will have higher competitiveness in the EU market./.
Indonesia Ambassador to the World Trade Organisation Syamsul Bahri Sireg and Portuguese Ambassador to the EU Nuno Brito, who represents the EU, signed the deal, which allows the Southeast Asian country to export about 165,000 tonnes of cassava to the union each year at the tax rate of 6 percent.
Syamsul Bahri Sireg said that the agreement is the result of six rounds of negotiations since 2018.
It is a chance for Indonesia to boost agricultural exports amid stagnant negotiations at the WTO. Indonesia has also faced many challenges to sell its farm produce in the EU market, he added.
The WTO’s tariff rate quotas mechanism aims to offer lower tariffs within the quotas which are decided by the import country to a particular country.
Thanks to the lower tax rate, Indonesia’s cassava products will have higher competitiveness in the EU market./.
VNA
