Commerce & Industry Minister Piyush Goyal raised concerns about India\u2019s\ntrade deficit with Indonesia which stood at USD 10.57 billion in India\u2019s trade\ndeficit with Indonesia during 2018-19. He says that the balance of trade\nis heavily in favor of Indonesia and both countries need to work towards\nestablishing sustainable trade by diversifying the export basket.<\/p>\n\n\n\n
The Commerce & Industry says that there is considerable potential\nfor expanding trade in agricultural, automobiles, engineering products, IT,\npharmaceuticals, bio-technology and healthcare sectors. With a bilateral trade\nof USD 21.13 billion in 2018-19, Indonesia has emerged as the second largest\ntrading partner of India in the ASEAN region after Singapore.<\/p>\n\n\n\n
Piyush Goyal highlighted India\u2019s concern on the import quota restrictions\nfaced by Indian auto and auto component industries in Indonesia on completely\nbuilt up units (CBU) and tyres. These restricted import quota prescribed by\nIndonesia for Indian vehicles in CBU condition has adversely impacted Indian\nexports. Long lead time taken for regulatory certification for new vehicles\nalso affects launch of new products. Indonesia adopts standards for emission\nwhich is not commensurate with the global emission norms for fuel efficiency in\nautomobiles. Further other competitors have better market access advantage over\nIndian automakers due to bilateral FTA arrangements. Indonesian Minister\nassured Piyush Goyal that he would address this gap.<\/p>\n\n\n\n
Commerce and Industry Minister requested the Indonesian side to allow Indian\nOrigin Frozen Halal Buffalo Meet (FHBM) free and directly to importers\/\ndistributors of Indonesia through various important ports, without quotas and\nrestrictions. The Indonesian side assured that there will be no quota\nrestrictions from authorized exporters as long as quality is maintained.<\/p>\n\n\n\n
The Indonesian Trade Minister assured Piyush Goyal that he will take up the\nissue with Indonesian importers to source high quality and cost effective\npharma products from India. Indonesia has imported pharma products worth USD\n990 million and India\u2019s share in their import was only USD 75 million.<\/p>\n\n\n\n
The Commerce & Industry Minister also requested the Indonesian side for\nmore market access for India\u2019s agricultural products like musk melon, bitter\ngourd, grapes, pumpkin and milk products, which is pending with Indonesia. He\nfurther requested his Indonesian counterpart to grant Country recognition to\nIndia for export of agricultural products under the new Fresh Food of Plant\nOrigin (FFPO) regulation of Indonesia. Indonesia\u2019s new Fresh Food of Plant\nOrigin (FFPO) regulation introduced from 17 February, 2016 is a technical\nbarrier which restricts exports from India.<\/p>\n\n\n\n
The Indonesian side also assured India that it will facilitate sourcing of\nsugar from India by reducing tariffs and regularizing standards as per India\u2019s\nrequirement. <\/p>\n\n\n\n
The Indonesian side requested for parity on duty with Malaysian exports of\nrefined palm oil with India where it is currently suffering 5% disadvantage.\nCommerce and Industry Minister assured that he will take up this issue with the\nconcerned Ministry.\n\nPiyush Goyal said that India is looking forward\nto enhanced bilateral engagement with Indonesia and requested Indonesia for\nholding the next India Indonesia Biennial Trade Ministers\u2019 Forum Meeting (BTMF)\nat Jakarta at the earliest.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
Commerce & Industry Minister Piyush Goyal raised concerns about India\u2019s trade deficit with Indonesia which stood at USD 10.57 billion in India\u2019s trade deficit with Indonesia during 2018-19. He says that the balance of trade is heavily in favor of Indonesia and both countries need to work towards establishing sustainable trade by diversifying the export basket. […]<\/p>\n","protected":false},"author":13,"featured_media":3529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[],"class_list":["post-3528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=3528"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3528\/revisions"}],"predecessor-version":[{"id":3530,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3528\/revisions\/3530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/3529"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=3528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=3528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=3528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}