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Ministry prepares trade remedies to brace for imports
The Trade Ministry is looking to expand its legal toolbox of measures it deems necessary to protect domestic industries from imports.
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Global shipping: A container vessel is seen docked at West Coast port terminal in Singapore on April 17, 2024. (AFP/Roslan Rahman)
The government has laid the groundwork for trade remedies it deems necessary to protect domestic industries from imports.
Trade Ministry official Fajarini Puntodewi said in the ministry’s monthly public briefing in Jakarta on Tuesday that the legal framework for trade remedies was improved with local downstream industries in view.
“We are currently perfecting trade remedies, not only so the instruments could be used to protect industries afflicted by injury from import overflows, but also to protect downstream industries,” she said at the event called the Gambir Trade Talk, as quoted by Bisnis.com.
Trade remedies are an instrument imposed by the government to protect domestic industries from alleged unfair trade practices by other countries, such as excessive subsidies or dumping, when goods are sold below their production cost.
Fajarini said the changes would be implemented “as soon as possible” and that a dedicated team was drawing up recommendations, but did not detail how the measures would manifest.
“We want to protect the domestic industry, but, from a macroeconomic standpoint, we don’t want to cause high import duties,” she said.
The ministry said it was working on both the production and consumption side through programs aimed at achieving price stabilization and food security, as well as improving domestic trade procedures, product development and certification.
