TEMPO.CO, Jakarta - Investments Minister Bahlil Lahadalia in a press conference on Monday said the Bali Compendium will give the government the upper hand in facing the World Trade Organization (WTO) nickel export ban dispute. The collective non-binding agreement among G20 countries sought Indonesia and other developing nations to not be intervened in implementing its mining product downstreaming.

“The Bali Compendium is the middle ground to the light of hope that other countries will not intervene us. With this agreement, this is some sort of a new understanding, a new deal by G20 countries in respecting each other,” said the Investment Minister on September 26.

The details of the agreement are scheduled to be presented at the G20 Summit slated for November 15-16 this year.

Bahlil Lahadalia insisted that Indonesia will continue to fight for its right to elevate its downstream, which includes halting exports of nickel ore. This ban has been implemented by Indonesia in 2019 and is still in effect to date. However, this was responded to by the European Union filing a lawsuit against Indonesia’s export policy to the WTO.

The Minister said Indonesia would not back down in the slightest in fighting the lawsuit. "Even if they bring it to a higher court than the WTO. If there are other courts, go ahead." On the other hand, Bahlil said Indonesia would gradually stop exports of raw commodities. The government has also planned to stop the export of raw bauxite to lead.

Bahlil believes the government’s stand will increase state revenues because of the added value of downstreaming. “Results of our exports from nickel downstream amounts to 24-25 billion US dollars, per August. Our goal is to reach at least 28-30 billion US dollars by the end of the year,” the Minister explained.

DEFARA DHANYA PARAMITHA | INTERN

Click here to get the latest news updates from Tempo on Google News