Trade Minister Zulhas Affirms Support For Trade Inclusiveness In APEC 2024

Minister of Trade (Mendag) Zulkifli Hasan. (Photo: Doc. Antara)

JAKARTA - Trade Minister Zulkifli Hasan emphasized the Indonesian Government's commitment to supporting the World Trade Organization (WTO) and the inclusiveness of the Asia Pacific region ahead of the 30th Meeting of the Minister of Trade of Asia Pacific Economic Cooperation (APEC) 2024 at Arequipa, Peru, May 16-18.

Zulkifli said the Government would continue to strengthen trade cooperation, investment, and other economic cooperation to bring prosperity to the people of Asia Pacific.

"Indonesia will emphasize efforts to facilitate trade and inclusiveness in the Asia Pacific region," Zulkifli said in a statement in Jakarta, quoted from Antara, Tuesday, May 14.

Zulkifli said, at this meeting, Indonesia also emphasized support for WTO and followed the discussion on the progress of the Free Trade Area-Asia Pacific (FTAAP) plan.

In addition to a series of APEC meetings, Zulkifli is scheduled to meet with a number of state ministers of trading partners, including New Zealand, South Korea, Canada, and Japan.

APEC is a 21-economic regional cooperation forum in the Pacific Ocean circle. APEC's main activities include trade cooperation, investment, and other economic cooperation to encourage growth and improve welfare in the Asia Pacific Region.

In general, APEC discussions discuss trade facilitation efforts to realize liberal, inclusive, and sustainable trade.

APEC's cooperation resulted in voluntary and non-binding decisions, but they were often political.

Apart from Indonesia, APEC's economy includes Australia, Brunei Darussalam, Canada, Chile, China, Hong Hong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Philippines, Peru, Papua New Guinea, Russia, Singapore, Taiwan, Thailand, the United States, and Vietnam.

The APEC economy covers 48 percent of world trade or US$28 trillion. APEC's economy also covers 62 percent of the world's gross domestic product (GDP) or 59 trillion US dollars with a population of 38 percent of the world's population or 2.96 billion people.

For Indonesia, APEC is an important organization to strengthen economic position in world trade. In 2023, Indonesia's total trade with the APEC economy reached US$358.62 billion.

In the same year, Indonesia's exports to APEC's economy reached US$188.72 billion, while Indonesia's imports from APEC's economy were recorded at 169.89 billion US dollars. Thus, Indonesia enjoyed a trade surplus of 18.63 billion US dollars.

Indonesia's main exports to the APEC economy include mineral fuel, animal and vegetable oil, iron and steel, electronic machinery, and vehicles. Meanwhile, Indonesia's imports from the APEC economy include mechanical equipment, machinery, electronic machinery, iron and steel, plastic and goods from it, as well as vehicles.