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Minister: Brexit Impact on Indonesia Will Only Last 2-3 Days

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24 June 2016 16:46 WIB

Coordinating Minister for Economic Affairs Darmin Nasution swarmed by reporters after announcing the fourth economic policy package in Jakarta, Oct. 15th 2015. TEMPO/Subekti

TEMPO.CO, Jakarta-The Coordinating Minister for the Economy, Darmin Nasution, said that the United Kingdom's (UK) decision to leave the European Union (EU) will not impact the flow of trade between Indonesia and the UK.

"Exports and imports will not be affected," said Nasution at the Coordinating Ministry for the Economy Building in Jakarta on Friday, June 24, 2016 - before adding that the majority of trade between Indonesia and the UK are done bilaterally, without the involvement of the EU.

Darmin said that the Brexit will cause significant volatility in the UK. "Their decision to leave the Union might be detrimental to their economic growth - in fact, in may cause a further slowdown, especially since the majority of UK's trading partners are its' European neighbours," he said.

According to Darmin, the brunt of the impact will be most felt in the financial sector - especially since the financial sector is very prone to hysteria and speculations. "This may cause an over-the-top reaction that might not be based on the actual fact on the ground," he said - before citing the example of the US Federal Reserve Bank, whose plan to raise its interest rate has caused significant uncertainties that increased the volatility in the global share market.

Darmin said that the depreciation experienced by the rupiah could be a part of the hysteria. "This volatility will probably last around two to three days - but afterwards it will soon return to normal," he said.

With regards to trade agreements between Indonesia and the EU, which is encapsulated in the Comprehensive Economic Partnership Agreement (CEPA) and the Free Trade Agreement (FTA), Darmin said that Indonesia will not be treated differently, even after the UK's decision to opt out of the Union. "What we can do, is to craft similar agreements with the UK, but with a bilateral approach," he said.




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