Indonesia Highlights: Indonesia Secures Trade Deal with South Korea | Indonesia’s Palm Oil Lawsuit Against EU to Proceed | Tesla to Visit Indonesia in January

December 19, 2020, 03.20 AM
In a breakthrough deal, Indonesia signed a bilateral trade deal with South Korea as the country looks to boost investments. ShutterstockIn a breakthrough deal, Indonesia signed a bilateral trade deal with South Korea as the country looks to boost investments.

Should the IK-CEPA be ratified, the volume of trade between both countries is projected to increase by 5-10 percent at the start and even increase to $20 billion.

In 2019, bilateral trade totaled $15.65 billion, comprising of $7.23 billion in exports and $8.42 billion in imports, and decreased this year to $10.10 billion.

The East Asian nation was Indonesia’s 8th largest export destination and 6th biggest import partner last year.

Source: http://go.kompas.com/read/2020/12/18/215030974/indonesia-signs-landmark-trade-deal-with-south-korea 

2. Indonesia Set to File Lawsuit against EU for Policy Inimical to Palm Oil

The Head of the Agro Products Sub-directorate, Directorate of Trade Defense at Indonesia’s Ministry of Trade, Donny Tamtama explained that the ministry is actively preparing the lawsuit against the EU together with key stakeholders and a legal team.

The aim is for the lawsuit to be submitted to the WTO by next year.

The EU is a key market for Indonesian palm oil. Statistically, 12 percent of Indonesia’s palm oil exports are shipped out to the European Union.

Between January-October 2020, the number has been on a steady decline.

In terms of average trade, Indonesia’s exports to the European bloc dropped by 2.41 percent while the average export volume also decreased 0.56 percent.

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