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Delay in inking trade deals with New Zealand & Australia
30
Dec '08
South Asia's largest economy, Indonesia has delayed the signing of a trade agreement with New Zealand and Australia which was supposed to be signed in the current month to March, next year. The deal is under aegis of the FTA signed between ASEAN and the two South Pacific Ocean countries.

The Director General for International Cooperation, in the Ministry of Trade and Industry, Mr Bustami informed that the delay was due to a few factors among which was that the deal was yet to be finalized by member countries of the ASEAN and also the political instability in Thailand.

He added by saying that the framework of the deal which is under the tutelage of the ASEAN would be officially signed in February among member countries and that Indonesia had received commitments for the deal from both New Zealand and Australia and hope to ink both deals by March 2009.

The ASEAN countries are made up other than Indonesia by Singapore, Philippines, Thailand, Malaysia, Vietnam, Cambodia, Laos, Myanmar and Brunei. Under the agreement Indonesia has committed to remove 1,409 tariff lines in automobile sector with Australia, while it will scrap four lines on beef products and seven on diary products in its deal with New Zealand.

New Zealand and Australia have reciprocated by removing barriers on textile and garment imports from Indonesia as well as increasing the intake of Indonesian professionals in to both the countries. Indonesia is also expected to eliminate 10,397 tariff barriers and lower 645 other lines by 2020.


Fibre2fashion News Desk - India


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