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Indonesia, EU to Increase Trade Value
Deputy Trade minster Bayu Krisnamurthi. TEMPO/Dian Triyuli Handoko
Tuesday, 22 October, 2013 | 14:56 WIB
Indonesia, EU to Increase Trade Value

TEMPO.CO, Jakarta - Deputy Trade Minister Bayu Krisnamurthi predicted that trade value between Indonesia and European Union (EU) can be increased up to US$ 40 to 50 billion in 2015 to 2016. This target can be achieved if both sides can solve their differences in the Comprehensive Economic Partnership Agreement (CEPA).

"[Trade value can be increased] under the condition that CEPA must be implemented soon and Indonesia's interests can be accomodated..." Bayu said in the EU-Indonesia Business Dialogue at the Shangri-La Hotel on Tuesday, October 22.

Based on the Trade Ministry data, trade value between Indonesia and the EU has reached around US$ 32 to 33 billion. Bayu said that the number is good enough compared with Indonesia's total trade value. He added that trade value between Indonesia and the EU is predicted to increase by seven percent.

However, compared to other ASEAN countries, trade value between Indonesia and EU is still considerably low. Trade value between Singapore and EU is recorded at US$ 52 billion while trade value between Malaysia and Thailand with the EU is recorded at US$ 35 billion and US$ 32 billion, respectively.