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Textile & garment industry receives double bounty in 2009
26 Feb '09
2 min read
Indonesian textile and exports have received a double bounty in the form of duty free access for their goods to other countries. First, it was Japan and now Australia too has supported the move to allow products from Indonesia to enter the country without paying any duty.
This tariff free access period will be applicable for a period of two years from 2009 to 2010 and is expected to help the export industry to reduce the impact of the downtrend in shipments from the sector in the last few months, since the unveiling of the economic turmoil.
Currently exports of textiles are charged between 5-17.5 percent, depending on the classification and now it will be zero percent for these two years, beginning from October 2009, said the Minister of Trade in Indonesia, Mrs. Mari Elka Pangestu.
Indonesia exported goods worth US $2.4 billion and 93 percent of these goods will now be available for preferential tariffs. Discussions on the same have been going on since a long time, which was also subject to approval from ASEAN countries.
The Free Trade Agreement (FTA) with Australia and New Zealand is expected to be signed on February 27 at the high level meeting of ASEAN countries. Indonesia on its part will also have to reduce tariffs particularly on dairy, cattle food and a few other products.
This tariff free access period will be applicable for a period of two years from 2009 to 2010 and is expected to help the export industry to reduce the impact of the downtrend in shipments from the sector in the last few months, since the unveiling of the economic turmoil.
Currently exports of textiles are charged between 5-17.5 percent, depending on the classification and now it will be zero percent for these two years, beginning from October 2009, said the Minister of Trade in Indonesia, Mrs. Mari Elka Pangestu.
Indonesia exported goods worth US $2.4 billion and 93 percent of these goods will now be available for preferential tariffs. Discussions on the same have been going on since a long time, which was also subject to approval from ASEAN countries.
The Free Trade Agreement (FTA) with Australia and New Zealand is expected to be signed on February 27 at the high level meeting of ASEAN countries. Indonesia on its part will also have to reduce tariffs particularly on dairy, cattle food and a few other products.
Fibre2fashion News Desk - India
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