Hanoi (VNA) – Indonesia and the European Union (EU) have successfully finishedthe amendments of their tariff rate quotas (TRQ) on cassava products afterthe UK left the union.
Indonesia Ambassador to the World Trade Organisation Syamsul Bahri Siregand Portuguese Ambassador to the EU Nuno Brito, who represents the EU, signed thedeal, which allows the Southeast Asian country to export about 165,000 tonnesof 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 roundsof negotiations since 2018.
It is a chance for Indonesia to boost agricultural exports amid stagnantnegotiations at the WTO. Indonesia has also faced many challenges to sell itsfarm produce in the EU market, he added.
The WTO’s tariff rate quotas mechanism aims to offerlower tariffs within the quotas which are decided by the importcountry to a particular country.
Thanks to the lower tax rate, Indonesia’s cassava products will havehigher competitiveness in the EU market./.
Indonesia earns 18.48 billion USD from exports in April
Indonesia’s exports in April reached 18.48 billion USD, up 51.94 percent over the same period last year, reported the Central Statistics Agency (BPS)