Indonesia Asks Argentina to Lower Palm Oil Import Duties
INDONESIA asks Argentina and MERCOSUR countries to lower tariffs or import duties for Indonesian palm oil products.
INDONESIA asks Argentina and MERCOSUR countries to lower tariffs or import duties for Indonesian palm oil products. The request was submitted because the import duties imposed for Indonesian palm oil products are so high it hinder the competitiveness of Indonesian palm oil products in the region. MERCOSUR is a South American countries organization consist of Argentina, Brazil, Paraguay, Uruguay, and Venezuela. `Oil palm is an important commodity for the economy and people of Indonesia, Indonesia hopes the tariffs for palm oil products applied in MERCOSUR, including Argentina, can be lowered,` Foreign Minister Retno said. In addition to encouraging access to palm oil markets, the Minister also conveyed the great potential for products diversification in the trade between Indonesia and Argentina. In addition to consumer products such as footwear, clothing, and electronics equipment, Indonesia also has a fairly advanced strategic industry. `Indonesia`s strategic industry is getting better, with better quality and very much in demand by various countries. Indonesia hopes Argentina can also buy a variety of strategic industrial products from Indonesia, `said Foreign Minister Retno. During the meeting, the Foreign Minister stated that Argentina is the 2nd largest trading partner in South America, with a value of US $ 1.42 billion in 2017. The Minister of Foreign Affairs emphasized that the value still does not reflect the actual potential of trade relations between the two countries. In this regard, Indonesia encourages Argentina to reduce and eliminate tariff and non-tariff barriers for Indonesian products in the Argentine market. (Source: Ministry of Foreign Affairs)