Jakarta (ANTARA) - Coordinating Minister for Economic Affairs Airlangga Hartarto met with President Joko Widodo at the Presidential Palace in Jakarta on Monday and briefed him on the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Conference.

The conference took place in Detroit, Michigan, the United States, from May 26–27, 2023.

"I conveyed a brief report to the President on the Detroit IPEF negotiations that encompass four pillars," the minister told journalists in Jakarta on Monday.

He outlined the four pillars, one of which concerns an agreement on trade facilitation that is still under discussion and has not been finalized.

The second, third, and fourth pillars are related to agreements on supply chain, green economy, and fair economy, respectively, he said.

Hartarto informed that the negotiation on the second pillar has reached its conclusion and is currently undergoing a legal review. As for the remaining pillars, the negotiating parties are keen to complete deliberations by November 2023, he added.

He said that the trade facilitation pillar is one of the most crucial ones, adding that Indonesia's nickel raw material was included in the IPEF negotiations.

The US has declared nickel as one of its critical minerals, as stipulated in the country's Inflation Reduction Act (IRA).

"This (nickel) has been mentioned in the US' IRA. It should also be noted that in the automotive sector, Indonesia and the US share nearly similar policies, since the US provides subsidies only to 40 percent of its domestically produced vehicles, including its electric vehicles and critical minerals," the minister noted.

During the IPEF conference, Indonesia also highlighted nickel policies, while eyeing the opportunity to become a supplier of battery raw materials to the US.

The Detroit IPEF Ministerial Conference served as a meeting platform for 14 partner countries that are members of the IPEF and represent more than 40 percent of the world's overall economy and 28 percent of the global goods and services trade.

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Translator: Rangga Pandu, Tegar Nurfitra
Editor: Azis Kurmala
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