JAKARTA - The Ministry of Trade targets the Commodity Futures Trading Regulatory Agency (CoFTRA) to set up a special commodity exchange for palm oil no later than June 2023.
The goal is for Indonesia to have its own reference price and no longer stick to the neighboring Malaysian exchange.
As is known, Indonesia is one of the largest palm oil producing countries in the world.
But unfortunately, so far Indonesia does not have its own commodity exchange and is still following the reference price of the neighboring Malaysian exchange.
Minister of Trade (Mendag) Zulkifli Hasan revealed, in the session of the Advanced Indonesia Cabinet volume II, it was often mentioned that Indonesia still had a stake in Malaysia.
Several times at the cabinet meeting, when we joined Malaysia, we had our palm oil, but we joined Malaysia. The bad one is CoFTRA. Have CoFTRA but why follow Malaysia," he said in a speech at the opening of the virtual Sevara Bappepti Working Meeting, Thursday, January 19.
Therefore, Zulhas, as Zulkifli Hasan is familiarly called, said he asked CoFTRA to establish his own commodity exchange.
So that later Indonesia's title as the largest palm oil producing country in the world, can be followed by Indonesia being a reference reference for other countries.
"Immediately (issue) Mr. Didit (Plt Head of Beppepti). With all the authority it has, if it can be rubber, CPO, the coffee can already be used in us (not matok in Malaysia). So if possible, June can already be displayed on the screen that we have a benchmark price," he said.
In addition to palm oil, Zulhas said, the order plans to issue reference prices for other commodity exchanges such as rubber, coffee and pepper.
Currently, he continued, Indonesia only has its own tin reference price.
Now the new lead. This is palm oil, after palm oil, there will be rubber, coffee, and pepper. In the past, in the morning, Pak Harto was on the radio, there was a world coffee price, world pepper, right now the benchmark is not in us. And the authority that CoFTRA has, later we will try to try it gradually," he said.
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