Indonesia, Japan agree on trade pact amendments to reduce barriers
August 29, 2024
Indonesia and Japan have reached an agreement to amend an existing economic pact, aiming to reduce or eliminate trade barriers. Indonesia anticipates that these revisions will enhance bilateral trade. According to a statement from Indonesia’s trade ministry, Japan will lower import tariffs on 112 Indonesian products, including fishery goods, fruit, and food and beverages. In return, Indonesia will expand market access for 25 Japanese products, including stainless steel and automotive items, under the revised Indonesia-Japan Economic Partnership Agreement (IJEPA), which is expected to be ratified next year.
(Source: Reuters)
