Home / Knowledge / News / Textiles / AKFTA may not affect Indonesian textile exports to Korea
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

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search