- The Government of the United States of America has decided to extend the granting of generalized system of preferences (“GSP”) facilities to Indonesia. GSP is a trade arrangement that eliminates the imposition of import duty upon Indonesian products entering the US market. Indonesia has been enjoying this facility since 1980.
- Indonesia’s Ambassador to the United States, Muhammad Lutfi, has revealed that the GSP facilities extension which has now been granted reflects the trust that America continues to place in Indonesia. Moreover, Mr. Lutfi also revealed that in order to enhance the GSP facilities, the government will draw up a work plan and road map which will optimize this ongoing arrangement.
- Throughout 2019, exports of Indonesian products to America that were completed through the GSP facilities amounted to some USD 2.61 billion, the equivalent of 13.1% of all Indonesian exports to America.
- Indonesia’s Coordinating Minister of Maritime Affairs and Investment, Luhut Binsar, has also revealed that the extension of the GSP facilities will enhance the country’s export performance. Mr. Binsar further outlined the Indonesian Government’s intention to strengthen trade arrangements between the two nations through the establishment of a limited trade deal that will address trade, investment, information, communications and technology. Mr. Binsar is also predicting that this arrangement will ultimately increase trade between Indonesia and America to USD 60 billion by 2024. (SETKAB)
......
Subscribe to read more legal analysis.
Hukumonline Pro Intelligence
Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda
*Syarat dan ketentuan berlaku
Ada Pertanyaan? Hubungi Kami 
Professional Solutions
University Solutions
Pro
My Workspace
Pro AI
Terfavorit
Allex QnA
Pro Compliance
