As the Indonesian country has been seeing changes in its political scene there changes expected to be made in the economy as the economy is preparing for recession and to combat the global economic slowdown that the world is seeing we expect some reforms from the Indonesian government that will change the game of the trades of the nation.
The industry minister of Indonesia has recently announced cuts in imports to increase the exports of the nation as the exports have fallen in the recent times and have caused major issues to the economy which is why the nation has adopted the recent cabinet shuffle that has made things interesting. Indonesia wants to initiate talks on a trade deal with the European Union in high hopes of increasing the trade and exports to the European markets which are huge and complete within a month a review of trade with the United States, the president and new deputy foreign minister has stated as the concerns for the economy are rising. Indonesia has been negotiating and trying to bag a free trade and investment agreement with the EU since 2016 but has no luck. However, relations became strained by the European Commission's decision to phase out palm oil from transport fuel by 2030 which is due to the climate concerns and the imposition of anti-subsidy duties on Indonesia's biodiesel exports that worsened the negotiations hope.
If Indonesia makes these deals it will change the infrastructure of the trade relations between the nations.
Tags : new trade deals, Indonesia, economy, trade deal, negotiating, Indonesia's biodiesel exports,