Tue, 25 May 2010
From:
JAKARTA, May 24 (Xinhua) -- Indonesian government will go ahead with the implementation of another free trade agreement with India despite strong opposition from local industries, the Jakarta Post quoted a minister as saying on Monday.

Trade Minister Mari Elka Pangestu told The Jakarta Post that together with other ASEAN countries, Indonesia would implement the free trade agreement with India to take advantage of the South Asian country's massive local market.

Mari said that Indonesia would fully implement the ASEAN-India FTA (AIFTA) on June 1 and was also scheduled to implement similar trade deals with South Korea, Australia and New Zealand.

"We should take up the opportunities to benefit from the implementation of the agreements," the trade minister.

She said the free trade agreement with India would benefit Indonesia's CPO producers.

"India is now imposing import tariffs of up to 80 percent on Indonesian CPO products.

"Fortunately, we have been successful in negotiations with India to gradually decrease the tariffs after the implementation of the agreement," she said.

According to Deputy Trade Minister Mahendra Siregar, without a free trade agreement with India, Indonesia would miss out on potential revenues of about 3 billion U.S. dollars from CPO exports a year.

Mahendra said it could lead to a potential loss of 8 billion dollars if combined with other products.

"The loss might affect about 4.5 million farmers and workers in the CPO-related sector," he said.

India is Indonesia's fastest growing export destination after China.



News Search/Filter
Transaction Rates
23 May 18
Buy
Sell
AED1
3,851.08
3,851.08
AFN1
197.44
197.44
ALL1
131.46
131.46
AMD1
29.27
29.27
ANG1
7,882.61
7,882.61
AOA1
60.50
60.50
ARS1
580.68
580.68
AUD1
10,745.79
10,745.79
AWG1
7,904.79
7,904.79
AZN1
8,308.75
8,308.75
BAM1
8,543.87
8,543.87
BBD1
7,072.82
7,072.82
BDT1
167.40
167.40
BGN1
8,522.71
8,522.71
BHD1
37,457.04
37,457.04
BIF1
7.90
7.90
BMD1
14,145.65
14,145.65
BND1
10,506.63
10,506.63
BOB1
2,047.69
2,047.69
BRL1
3,859.48
3,859.48
BSD1
14,145.65
14,145.65
BTC1
111,433,632
111,433,632
BTN1
207.90
207.90
BWP1
1,422.67
1,422.67
BYN1
7,094.25
7,094.25
BZD1
7,039.53
7,039.53
CAD1
11,036.86
11,036.86
CDF1
8.75
8.75
CHF1
14,218.85
14,218.85
CLF1
613,162.30
613,162.30
CLP1
22.47
22.47
CNH1
2,228.15
2,228.15
CNY1
2,221.81
2,221.81
COP1
4.91
4.91
CRC1
25.02
25.02
CUC1
14,145.65
14,145.65
CUP1
554.73
554.73
CVE1
150.64
150.64
CZK1
648.52
648.52
DJF1
79.46
79.46
DKK1
2,238.44
2,238.44
DOP1
286.11
286.11
DZD1
121.81
121.81
EGP1
788.84
788.84
ERN1
943.27
943.27
ETB1
514.01
514.01
EUR1
16,670.69
16,670.69
FJD1
6,812.42
6,812.42
FKP1
19,018.62
19,018.62
GBP1
19,018.62
19,018.62
GEL1
5,790.99
5,790.99
GGP1
19,018.62
19,018.62
GHS1
3,051.06
3,051.06
GIP1
19,018.62
19,018.62
GMD1
299.95
299.95
GNF1
1.57
1.57
GTQ1
1,901.14
1,901.14
GYD1
67.85
67.85
HKD1
1,802.12
1,802.12
HNL1
594.51
594.51
HRK1
2,256.37
2,256.37
HTG1
220.82
220.82
HUF1
52.40
52.40
IDR1
1.00
1.00
ILS1
3,967.23
3,967.23
IMP1
19,018.62
19,018.62
INR1
207.95
207.95
IQD1
11.85
11.85
IRR1
0.33
0.33
ISK1
134.85
134.85
JEP1
19,018.62
19,018.62
JMD1
112.49
112.49
JOD1
19,934.49
19,934.49
JPY1
127.74
127.74
KES1
140.28
140.28
KGS1
206.74
206.74
KHR1
3.47
3.47
KMF1
33.87
33.87
KPW1
15.71
15.71
KRW1
13.15
13.15
KWD1
46,830.61
46,830.61
KYD1
16,978.80
16,978.80
KZT1
43.27
43.27
LAK1
1.69
1.69
LBP1
9.35
9.35
LKR1
89.58
89.58
LRD1
105.37
105.37
LSL1
1,116.90
1,116.90
LYD1
10,401.21
10,401.21
MAD1
1,498.28
1,498.28
MDL1
845.41
845.41
MGA1
4.36
4.36
MKD1
270.73
270.73
MMK1
10.43
10.43
MNT1
5.88
5.88
MOP1
1,750.25
1,750.25
MRO1
39.79
39.79
MRU1
395.90
395.90
MUR1
411.22
411.22
MVR1
912.04
912.04
MWK1
19.64
19.64
MXN1
716.83
716.83
MYR1
3,564.93
3,564.93
MZN1
233.23
233.23
NAD1
1,116.90
1,116.90
NGN1
39.18
39.18
NIO1
449.42
449.42
NOK1
1,758.32
1,758.32
NPR1
129.95
129.95
NZD1
9,822.33
9,822.33
OMR1
36,740.33
36,740.33
PAB1
14,145.65
14,145.65
PEN1
4,308.96
4,308.96
PGK1
4,323.57
4,323.57
PHP1
270.64
270.64
PKR1
122.31
122.31
PLN1
3,891.56
3,891.56
PYG1
2.51
2.51
QAR1
3,884.58
3,884.58
RON1
3,602.11
3,602.11
RSD1
141.00
141.00
RUB1
231.28
231.28
RWF1
16.44
16.44
SAR1
3,771.24
3,771.24
SBD1
1,802.12
1,802.12
SCR1
1,051.41
1,051.41
SDG1
785.43
785.43
SEK1
1,632.64
1,632.64
SGD1
10,566.72
10,566.72
SHP1
19,018.62
19,018.62
SLL1
1.81
1.81
SOS1
24.73
24.73
SRD1
1,894.16
1,894.16
SSP1
108.59
108.59
STD1
0.68
0.68
STN1
677.47
677.47
SVC1
1,617.03
1,617.03
SYP1
27.46
27.46
SZL1
1,116.24
1,116.24
THB1
442.25
442.25
TJS1
1,574.75
1,574.75
TMT1
4,030.12
4,030.12
TND1
5,596.01
5,596.01
TOP1
6,205.27
6,205.27
TRY1
3,050.12
3,050.12
TTD1
2,099.52
2,099.52
TWD1
473.59
473.59
TZS1
6.19
6.19
UAH1
543.24
543.24
UGX1
3.79
3.79
USD1
14,145.65
14,145.65
UYU1
450.84
450.84
UZS1
1.76
1.76
VEF1
0.20
0.20
VND1
0.62
0.62
VUV1
132.14
132.14
WST1
5,506.54
5,506.54
XAF1
25.41
25.41
XAG1
235,492.99
235,492.99
XAU1
18,310,104.52
18,310,104.52
XCD1
5,234.18
5,234.18
XDR1
20,161.76
20,161.76
XOF1
25.41
25.41
XPD1
14,216,309.40
14,216,309.40
XPF1
139.70
139.70
XPT1
12,844,156.02
12,844,156.02
YER1
56.45
56.45
ZAR1
1,125.20
1,125.20
ZMW1
1,385.12
1,385.12
ZWL1
43.88
43.88
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services