Indonesia-U.S. Trade Unity: A Milestone Deal for Economic Growth
The U.S. and Indonesia have reached a trade agreement eliminating tariffs on over 99% of U.S. goods, while the U.S. reduces tariffs on Indonesian products. This deal strengthens the bilateral economic relationship, offering unprecedented market access. Indonesia will also join global efforts to address steel excess capacity.
Indonesia and the United States announced a breakthrough trade deal that eliminates tariffs on more than 99% of U.S. goods. In return, the U.S. will lower its tariffs on Indonesian products, a significant move aimed at bolstering economic relations between the two nations.
Dubbed a 'huge win' by former President Trump, the agreement grants unprecedented market access for exporters from both countries. Details emerged in a joint statement, highlighting immediate actions by Indonesia, including the dropping of plans to impose tariffs on internet data flows and supporting the WTO's e-commerce moratorium.
Additionally, Indonesia will join the Global Forum on Steel Excess Capacity, aligning with global efforts to curb overproduction in the steel industry. The accord marks a strategic alignment ahead of the upcoming tariff increases and reflects a collaborative effort to strengthen bilateral economic ties.
(With inputs from agencies.)
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