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Jakarta Post

Indonesia faces trade remedies, risks $1.9b losses

  • Dzulfiqar Fathur Rahman

    Jakarta

Jakarta   /   Fri, June 12 2020   /  01:00 am
Workers operate a crane to lift containers to be placed at rail at Tanjung Priok port in North Jakarta. They would be transported by cargo train.(kompas.com/File)

Indonesia 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 ...