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AKFTA may not affect Indonesian textile exports to Korea
12
Dec '11
The ASEAN-Korea Free Trade Agreement (AKFTA) for 'Trade in Goods', which is to be realised by 2012 for ASEAN-6, is not likely to affect Indonesian textile and garment exports to Korea.

Indonesian Textile Association (API) Chairman Ade Sudrajat said the provision for duty-free trade between Indonesia and South Korea would not harm the domestic industries, as Indonesian and Korean products are quite complementary. Also majority of the Korean textile and garment items are dearer than Indonesian products and are meant for high-end customers.

He said the domestic textile industry also stands a chance to further enhance its exports to Korea, as it is apparent from past two years statistics which are indicative of a 50 percent rise in country's textile exports. Also, now with further liberalization of tariff regulations, Indonesian textile exports to Korea are likely to grow by almost two-fold in the coming years, Mr. Sudrajat added.

Meanwhile, Indonesian Chamber of Commerce and Industry's (Kadin) standing committee on investment, human resource development and small and medium enterprises stated that as majority of the products shipped in from South Korea happen to be high-technology goods, this would not extend any direct competition to Indonesian products, and hence it is not expected to inflict any major harm on the domestic industries.

As indicated by the Trade Ministry statistics, Indonesia's trade with Korea has grown manifold during the past few years. The country's exports to Korea which stood at US$ 7.58 billion in 2007 grew to US$ 12.57 billion in 2010, while its imports grew from 2007's US$ 3.19 billion to US$ 7.70 billion in 2010. As of September this year, Indonesia's exports to Korea were worth US$ 11.88 billion, and imports totalled US$ 9.31 billion.

Fibre2fashion News Desk - India


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