Indonesian Finance Ministry endorses five international trade rules

Indonesian Finance Ministry endorses five international trade rules

Illustration - Loading and uploading activities at a container port. (ANTARA News)

With the endorsement of five finance ministerial regulations, trade between Indonesia and FTA partner countries will increase further and Indonesia's exports (to the countries) will rise.
Jakarta (ANTARA) - The Indonesian Finance Ministry has endorsed five regulations aimed at boosting trade between Indonesia and Free Trade Area (FTA) partner countries.

"With the endorsement of five finance ministerial regulations, trade between Indonesia and FTA partner countries will increase further and Indonesia's exports (to the countries) will rise," the ministry said in a written statement received in Jakarta on Tuesday.

The issuance of the five ministerial regulations is aimed at laying a legal basis and guidance for the granting of preferential tariffs to five FTA schemes previously stipulated in ministerial regulation No. 229/PMK.04/2017, it informed.

The ministerial regulations include No. 168/PMK.04/2020 on ASEAN-Australia-New Zealand FTA and No. 169/PMK.04/2020. on ASEAN-Korea FTA, it said adding ministerial regulation No. 229/PMK.04/2017 has been split to formulate the two regulations.

The ASEAN-India FTA will be governed by the finance ministerial regulation No. 170/PMK.04/2020, and the ASEAN-China FTA through finance ministerial regulation No. 171/PMK.04/2020, it said.

Meanwhile, five policies related to the importation of goods from FTA partner countries will cover Indonesia-Pakistan PTA, stipulated in ministerial regulation No. 70/PMK.04/2021, and ASEAN-Japan CEP, stipulated in ministerial regulation No. 71/PMK.04/2021, it added.

The Indonesia-Palestine Memorandum of Understanding (MoU) concerning trade facilities for certain products originating from Palestinian territories has been stipulated in ministerial regulation No. 72/PMK.04/2021, the ministry informed.

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The next are the Indonesia-Japan EPA, stipulated in ministerial regulation No. 73/PMK.04/2021, and Indonesia-Chile CEPA, stipulated in ministerial regulation No. 80/PMK.04/2021, it added.

The five ministerial regulations have emerged from the second split of ministerial regulation No. 229/PMK.04/2017, conducted by attaching additional provisions related, among other things, to the enforcement of FTA in special economic zones (KEK), the ministry said.

"With the endorsement of the five ministerial regulations, ministerial regulation No. 229/PMK.04/2017 and its amendment are revoked and declared null and void," it informed.

The five ministerial regulations apply to imported goods for which customs notifications in the form of registration numbers and dates from the customs office have been received, and their customs obligation will be met after the ministerial regulation comes into force, it added.

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