JAKARTA - Indonesia is expected to enjoy a boost in exports amid US-China tensions, after the US extended special tariff concessions to South-east Asia's largest economy.
In 2018, the US said it reviewed the eligibility of Indonesia and several other developing countries including India for the GSP. On Oct 30, the US decided to close the review for Indonesia, making it the only country in Asia that did not see any change of terms in its GSP status. "Closure of this review is a recognition of Indonesia's positive and productive engagement over the past two-and-a-half years to strengthen the trade relationship between the US and Indonesia by addressing the market access concerns we raised," Mr Lighthizer said in the letter seen by The Straits Times.
President Joko Widodo told his Cabinet on Monday that Indonesia should use the GSP extension to attract investors to come into the country, noting that manufacturing plants were moving out of China to circumvent tariffs imposed by the US on Chinese goods in their trade war. He added that Indonesia's growing digital business and information communications technology business would also attract further investment, citing a research report that forecast Indonesia's digital economy, currently valued at US$40 billion, would grow to US$133 billion in five years.
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