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View all search resultsRI, US firms ink deals worth $38.4 billion as part of trade pact
The business deals, which form part of a planned bilateral trade agreement, would help narrow Indonesia’s trade surplus with the United States, Prabowo said.
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President Prabowo Subianto (left) gives remarks to businesspeople on Wednesday during the United States-Indonesia Business Summit hosted by the US Chamber of Commerce in Washington, DC. (Courtesy of/BPMI Setpres)
C
ompanies from Indonesia and the United States have inked deals worth US$38.4 billion ahead of President Prabowo Subianto’s meeting with US President Donald Trump to seal a bilateral trade pact, in a move analysts say could smooth negotiations for lower tariffs.
The 11 memorandums of understanding (MoUs), signed during a business summit hosted on Wednesday by the US Chamber of Commerce in Washington, DC, include agreements on manufacturing and agriculture as well as on semiconductors and strategic industrial materials.
“I'm here to conclude a major trade agreement between our two countries. […] It sends a clear signal that Indonesia and the United States are committed to deepening economic ties and market access and providing greater certainty for business,” Prabowo told the summit.
Prabowo arrived in Washington on Wednesday for the inaugural meeting of Trump’s Board of Peace initiative and to sign the Agreement on Reciprocal Trade (ART) scheduled for Thursday.
He said the business deals formed part of the trade pact’s implementation and would help narrow Indonesia’s trade surplus with the US.
Trump has long demanded that other countries import more goods and services from the US to reduce America’s trade deficit.
Read also: Govt urged not to compromise too much for US trade deal
