Japan, Indonesia ink free trade deal
okyo (VNA) – Japanese Prime Minister Shinzo Abe and Indonesian President Susilo Bambang Yudhoyono on August 20 signed a much awaited free trade agreement that will remove tariffs on close to 92 percent of bilateral trade.The Japan-Indonesia Economic Partnership Agreement, the sixth of such part for Japan with a Southeast Asian country, will be running on all cylinders by next year, according to the Kyodo News.
Under the agreement, Indonesia will remove tariffs on about 90 percent of Japanese export items in terms of value, up from the current 34 percent. Meanwhile, around 93 percent of Indonesian goods bound for Japan will be tariff-free, up from the current 71 percent.
Indonesia will also lift taxes on Japanese steel products for use in auto manufacturing and energy production, bringing the total proportion of tax-free Japanese exports to Indonesia to about 96 percent.
Japan, in return, will strip off tariffs on imports of Indonesian forest products and shrimp, increase tariff quotas on bananas and pineapples, and allow Indonesian nurses and nursing-care specialists to work in Japan. However, Indonesian rice will not be included in Japan’s tariff removal list.
Among the provisions included in the agreement, the energy-security provision calls for the establishment of a new bilateral consultation mechanism to deal with possible reductions in Indonesia’s energy exports after its long-term contracts to supply liquefied natural gas (LNG) to Japan expire by 2011. Indonesia is currently the largest LNG supplier to Japan.
During their talks, the two leaders pointed to a determined effort to build a new climate change framework after the current Kyoto Protocol expires in 2012.
Indonesia is Japan's 11th largest trading partner, while Japan is the leading partner for Indonesia. Before Indonesia, Japan had earlier signed bilateral trade pacts with Singapore, Malaysia, the Philippines, Thailand and Brunei.- Enditem
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