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Indonesia seeks EU trade deal to compete with Vietnam footwear

Indonesia wants to secure a trade deal with the European Union (EU) in hopes that it can compete with Vietnam, particularly in the area of footwear export, according to Chief Economic Affairs Minister Airlangga.
Indonesia seeks EU trade deal to compete with Vietnam footwear ảnh 1Chief Economic Affairs Minister Airlangga (Photo: Jakartaglobe Screenshot)
Jakarta (VNA) – Indonesia wants to secure a trade deal with theEuropean Union (EU) in hopes that it can compete with Vietnam, particularly inthe area of footwear export, according to Chief Economic Affairs MinisterAirlangga.

At the Investor Daily Roundtable Conference in Cirebon, Indonesia, on January24, Airlangga said the EU – Vietnam Free Trade Agreement (EVFTA) seeks toeliminate 99% of tariffs, paving the way for more Vietnamese footwear productsto break into the European market.

Meanwhile, an FTA between Indonesia and the EU is under negotiation, makingIndonesian goods face 20% import duties, Airlangga added.

Footwear is among Vietnam’s key exports to the EU. The Observatory of EconomicComplexity (OEC) database puts Germany and Belgium in top five Vietnamesefootwear export destinations in 2021.

The OEC said Indonesia’s footwear shipment was only a fraction of Vietnam, withthe export revenue of 5.8 billion USD as compared to 19.9 billion USD of itsASEAN peer.

Indonesia has been negotiating a comprehensive economic partnership agreement(CEPA) with the EU since 2016. Both sides have concluded the 16th roundof talks and will hold the next meeting in February./.
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