Indonesia supports trade liberalization in Asia-Pacific
Indonesia supports trade liberalization in Asia-Pacific
BANDUNG, West Java (JP): Indonesia is committed to supporting
the Asia Pacific Economic Cooperation's efforts to speed up trade
liberalization in the region under close cooperation with ASEAN
countries, Minister of Finance Mar'ie Muhammad says.
"Indonesia has a special commitment to make APEC a success
because the cooperation will help develop our economy," Mar'ie
said at a seminar Saturday on international and economic
development in Asia and the Pacific.
The meeting was organized by the faculty for social and
political science at the Catholic University of Parahyangan in
Bandung.
Mar'ie said around 70 percent of Indonesia's exports go to
APEC countries and over 60 percent of its foreign investment
comes from APEC.
Besides Indonesia, APEC includes Brunei, Malaysia, the
Philippines, Singapore, Thailand, China, Hong Kong, Japan, South
Korea, Taiwan, Australia, Canada, New Zealand, Papua New Guinea,
Mexico and the United States.
"It means that Indonesia has to prepare its industries to
anticipate fiercer competition in the region," he said.
He said APEC members are expected to gradually reduce both
tariff and non-tariff barriers in an effort to create free trade.
Saturday's seminar featured prominent economists including,
Sjahrir, the managing director of the Institute for Economic and
Financial Research, Bantarto Bandoro, the head of international
affairs at the Center for Strategic and International Studies
(CSIS) and B. Sugeng Hadiwinoto, a lecturer of the university,
in addition to the key-note speaker Mar'ie.
A must
During the seminar, Mar'ie urged all economic players to
improve all industrial sectors in order to gain better access to
the international market.
"But, I will say that regardless of APEC cooperation,
Indonesia should continue liberalizing its trade," he said. "It
is a must and you can see that Indonesia can do it."
Mar'ie also said that solidarity and cooperation among members
of the Association of Southeast Asian Nations (ASEAN) are
prerequisites to the success of trade liberalization in the
region and at the same time a vehicle of the General Agreement on
Tariffs and Trade (GATT).
He said GATT will not be effective overnight and APEC,
therefore, will have a key role in the implementation of the
world trade system.
Sjarir meanwhile cautioned that stability is a key role to the
success of APEC.
"Economic development depends not only on the availability of
efficient economies but also on how they can settle their own
political issues," he added.(fhp)