“In ASEAN, we have the lowest (tariff rates),” Santoso remarked here on Wednesday.
He explained that the Indonesian government has taken mitigation steps ahead of tariff negotiations with the United States.
Before negotiations, Indonesia identified its top 10 export products to the US.
Santoso noted that the objective was to reach a mutually beneficial agreement for both parties.
He highlighted that the US’s 19 percent import tariff on Indonesian goods is still favorable, providing Indonesia with a greater opportunity to access the US market.
“So far, our (exports) are still performing well. If we can maintain this tariff until August 1, it means our opportunities to enter the US market will be even greater,” he remarked.
In comparison to other ASEAN countries, Vietnam (20 percent), the Philippines (20 percent), Malaysia (25 percent), Brunei Darussalam (25 percent), Thailand (36 percent), Cambodia (36 percent), Myanmar (40 percent), and Laos (40 percent), Indonesia continues to have the lowest tariff bracket.
Previously, Santoso also stated that the reciprocal tariff agreement between Indonesia and the United States is not solely about gaining market access but will also include new investments from the US.
“It is not just about market access. It turns out they are also preparing to invest in Indonesia,” Santoso stated during a working meeting with Commission VI of the House of Representatives (DPR) here on Wednesday.
He stated that under the agreement, Indonesia would receive US investment in several sectors, including energy.
“There were concerns about oil, but the US is also planning to invest here. This means there are Indonesian commodities that will receive US investment,” he explained.
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Translator: Maria, Kenzu
Editor: Primayanti
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