New Delhi [India], October 3 (ANI): Mari Elka Pangestu, Special Advisor for International Trade and Multilateral Cooperation to the President of Indonesia, has stressed the importance of ASEAN, RCEP, and other regional trade platforms in helping Asian nations build resilience against tariffs imposed by the United States.
In a conversation with ANI, Pangestu highlighted the need for strengthening intra-regional trade and investment to counter uncertainties arising from what she referred to as “liberation day tariffs.”
“India and Indonesia have very strong and established economic relations, and we have a pre-trade agreement within ASEAN which is currently being amended and updated. We do hope that there will be an early conclusion of this deal because one of the key responses to the uncertainties created by the tariffs is for the rest of us to increase trade and investment with each other,” Pangestu said.
She highlighted that regional resilience can only be achieved by building up platforms that allow countries in Asia to continue their trade and investment partnerships.
“The ASEAN-India Free Trade Agreement, any of the bilateral mechanisms, as well as the existing RCEP (Regional Comprehensive Economic Partnership) where India has already participated but not yet joined, these are all very important platforms that we can leverage to build our regional resilience,” she added.
When asked about Indonesian exports of palm oil to India, given that India is the largest importer of palm oil from Indonesia, Pangestu said both sides continue to work on addressing issues.
“From our side, of course, we continue to export and we continue to build up the sustainability of our palm oil, including meeting the international standards of health. I think we should come to an agreement with India on whatever standards of concern are important to India,” she explained.
Pangestu’s remarks emphasize the significance of regional cooperation at a time of global economic challenges, with ASEAN and RCEP seen as crucial mechanisms for ensuring stability, sustainable trade, and stronger economic integration between Asian economies. (ANI)
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