US review of Indonesia trade preference to conclude soon
US Commerce Secretary Wilbur Ross said on November 6 that the US review of a trade preference facility for Indonesia will conclude soon with far more investment from American firms in Southeast Asia’s biggest economy, Reuters reported.
US Commerce Secretary Wilbur Ross shakes hands with Indonesia's Chief Economic Minister Airlangga Hartarto after their meeting in Jakarta, Indonesia on November 6. (Photo: Reuters)Hanoi (VNA) – US Commerce Secretary Wilbur Ross said on November 6 that the US review of a trade preference facility for Indonesia will conclude soon with far more investment from American firms in Southeast Asia’s biggest economy, Reuters reported.
The Office of the United States Trade Representative (USTR) has been reviewing Indonesia’s eligibility for the Generalised System of Preferences (GSP) facility for more than a year due to concerns about market access for US goods, services and investment.
Speaking after meeting with Indonesian ministers in Jakarta as part of a regional tour, Ross said both sides have agreed to step up efforts to conclude the review, and he is confident that outstanding issues can be resolved very quickly.
He forecast Indonesia will see far more investment from American companies and far more bilateral trade with the US than right now.
The GSP programme gives Indonesia lower tariffs on exports to the US worth 2 billion USD annually.
American firms including automaker Tesla and conglomerate Honeywell are seeking business opportunities in Indonesia, and Jakarta had promised improvements to the investment climate, said Indonesian Chief Economic Affairs Minister Airlangga Hartarto.
Total two-way trade was worth 28.6 billion USD last year, according to Indonesian trade ministry data./.
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