JAKARTA - The Institute for Development of Economics and Finance (Indef) economic studies institute considers that Joe Biden's victory in the United States (US) presidential election can improve Indonesia's export performance.
"During the Trump era, our imports to the US were greater than exports. The conditions were different during the Obama era, our exports were greater than imports. This might be one of our opportunities to increase exports of Indonesian non-oil and gas products to the US," he said. Indef economist Andry Satrio Nugroho quoted from Antara, Monday, November 9.
According to him, Indonesia could increase exports for the next five years to the US. He added that Joe Biden's victory will also increase US foreign direct investment (FDI) in several countries, including investment plans in Indonesia following the movement of investment from China to a number of developing countries.
"The era of the supply chain from China will decline, it opens up opportunities for us, we have to catch this," he said.
Regarding the trade war between the US and China, Andry assessed that it would continue with the tensions predicted to increase.
"Biden's criticism of Trump signing the first phase of the trade agreement still does not increase industry and production in the US. It says it's like a blank check," he said.
Joe Biden, he continued, would cooperate with US allies and would continue to implement a trade war against China.
Economist at the University of Indonesia Fithra Faisal Hastiadi said that Indonesia may have to start from the beginning of discussing the trade agreement that was agreed upon under President Donald Trump.
According to Fithra, the commitment to the trade agreement between Indonesia and the US under President Donald Trump goes much deeper. This was also proven by the extension of the Generalized System of Preferences (GSP) facility by the US to the plan to negotiate a limited trade agreement (LTD).
"Biden will see Indonesia as important and I think this is just a matter of negotiation," he said.
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