WASHINGTON D.C. - Indonesia and the United States finally signed the Agreement on Reciprocal Tariff (ART) in Washington DC, United States, Thursday, February 19 local time.
The Coordinating Minister for the Economy of the Republic of Indonesia, Airlangga Hartarto, explained that this agreement is mutually beneficial for both countries. For Indonesia, ART opens up a wide range of export opportunities for a number of major export commodities. A number of Indonesian products, namely coffee, cocoa, rubber, palm oil, spices, electronic components and semiconductors, aircraft components have a zero percent tariff.
A total of 1,819 Indonesian tariff posts received zero tariffs. Airlangga named, Indonesian textile and apparel products can also enter the US with zero tariffs with the Tariff Rate Quota (TRQ) mechanism.
The agreement is very beneficial for Indonesia. The textile industry is a job for 4 million people in Indonesia. Opening market access to the US means maintaining the lives of 4 million workers and their families.
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