Indonesia aims to catch up with Vietnam's trade with EU
Indonesia's Trade Ministry is convinced that the country's foreign trade will surpass that of Vietnam after the completion of the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA).
Tanjung Priok Port in Jakarta, Indonesia. (Photo: Reuters)
Jakarta (VNA) – Indonesia's Trade Ministry is convinced that the country'sforeign trade will surpass that of Vietnam after the completion ofthe Indonesia-European Union Comprehensive Economic Partnership Agreement(IEU-CEPA).
Kasan Muhri, the ministry's trade policy agencychief, said on March 6 that once the agreement has been completed andimplemented, Indonesia’s market access to the European Union (EU) will obtai💝n agreaꦏter benefit than what Vietnam gets.
He said Indonesia was left behind by Vietnam,which already has a trade agreement with the EU, giving it an advantage inexporting to the European market.
Indonesia's trade with the EU in 2022 reachedonly 46 billion USD, as compared to 94 billion USD in trade value Vietnam recorded in the sameyear after the CEPA came into force, he noted.
Kasan believed that Indonesia will complete itsIEU-CEPA this year, thereby enabling it to catch up with Vietnam's trade with Europe.
He underscored the importance of IEU-CEPA inopening more access for Indonesian exports since once Indonesia can export itscommodities to the EU, accessing other markets becomes easier.
He emphasised that Indonesia, whose economy isgreater than Vietnam, ♌has considered and calculated that regarding its marketaccess to the EU, it will obtain greater benefit than what Vietn꧅am has.
TheIEU-CEPA negotiation has entered its 17th round. In the current round, bothsides deliberated 12 aspects of bilateral trade, including goods andservices trade, investment, and cooperation in a sustainable food system,sustainable trade, and development.
Provisions on goods origins, energy and rawmaterials, trade technical obstacles, subsidies, intellectual property,institutional conditions, provisions on the institutional aspect, andanti-fraud clauses are also being discussed in the 17th round.
Among the 12 deliberated aspects, a consensus hasbeen reached on cooperation for a sustainable food system, overcoming tradeobstacles, and handling institutional conditions.
The negotiation will continue thi🌸s y🐈ear and isexpected to conclude by the end of 2024./.
Indonesia’s Coordinating Ministry for Economic Affairs has underlined the need to implement the digitalisation and green transition megatrends to realise the ASEAN Vision 2045 as the world's fourth-largest economic region.
Indonesia’s Communications and Information Ministry (Kominfo) summoned representatives from the Singapore office of social media platform X, formerly Twitter, to address concerns regarding online gambling advertisements on the platform.
Sen. Lt. Gen. Nguyen Tan Cuong, Chief of the General Staff of the Vietnam People’s Army and Deputy Minister of National Defence, had bilateral meetings with Indonesian Deputy Minister of Defence Muhammad Herindra and Philippine Undersecretary of National Defence Irineo C. Espino in Luang Prabang, Laos, on March 5.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Tanjung Priok Port in Jakarta, Indonesia. (Photo: Reuters) 
