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View all search resultsIndonesia faces trade remedies, risks $1.9b losses
The country is currently facing 10 antidumping and six safeguard investigations that involve main trading partners.
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ndonesia has been hit by trade remedies involving nine trading partners that launched an investigation into alleged unfair practices by the country, resulting in potential foreign exchange losses of up to Rp 26.5 trillion (US$1.9 billion), according to the Trade Ministry.
The World Trade Organization defines trade remedies as “trade defense measures against imports to protect their domestic industries from unfair practices such as dumping and subsidies, or to cope with a sudden surge of foreign goods”.
The three tools accepted by the WTO are antidumping, countervailing and safeguard measures.
Indonesia is currently facing 10 antidumping and six safeguard investigations that involve main trading partners like India and the United States, as well as the European Union, Vietnam, Australia and the Philippines.
“It’s quite a big loss and we also need to find a source of foreign exchange earnings for our country,” the Trade Ministry’s acting director general of foreign trade, Srie Agustina, said in a virtual discussion on Monday.
The investigations came after Indonesia’s trade balance had swung back to a trade deficit of $350 million in April on the back of falling commodity prices and plummeting global demand amid the COVID-19 pandemic, according to Statistics Indonesia (BPS).
India, the fifth-largest trade partner for Indonesia’s non-oil and gas exports, accused the latter of unfair trade practices on five products, including polyester fiber, a key material in making clothes.
