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View all search resultsIndonesia, Japan agree on trade pact amendments to reduce barriers
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Shipping activities are pictured at Jakarta’s Tanjung Priok seaport on May 20, 2024. (Antara/Dhemas Reviyanto)
I
ndonesia and Japan on Thursday agreed on amendments to an economic agreement to reduce or remove trade barriers, Indonesia said, predicting the revision will boost bilateral trade.
Japan will further reduce import tariffs on 112 Indonesian items, including fishery products, fruit, food and beverages, Indonesia's trade ministry said in a statement.
Indonesia will improve market access for 25 Japanese products, including stainless steel and automotive, under the new Indonesia-Japan Economic Partnership Agreement (IJEPA), which is expected to be ratified next year.
Indonesia's exports to Japan were predicted to surge to US$35.9 billion by 2028 in light of the revision, from $20.8 billion in 2023, according to the statement.
The new agreement will include an extension for the term of employment of Indonesian nurses and caregivers in Japan and possible liberalization of workers' movements in other professions.
