U.S., Indonesia continue efforts to improve trade and investment

The United States and Indonesia met for two days late last week to further trade and investment ties between the countries.

The countries also furthered their cooperation on regional issues and within the World Trade Organization's Doha Development Agenda.

Indonesia has the largest economy in Southeast Asia and it plays an important role in the Doha Round, said U.S. Trade Representative Susan Schwab in a May 2 statement, regarding the U.S.-Indonesia Trade and Investment Framework Agreement. We anticipate that Indonesia will make a significant contribution to a successful market-oriented agreement.

During the meeting in Bali, Schwab and Indonesia's Minister of Trade Mari Pangestu welcomed the progress being made in implementing the bilateral Memorandum of Understanding on Combating Illegal Logging and Associated Trade.

The meetings covered a wide range of issues, including investment, intellectual property rights, agriculture, industrial products and transshipment of textiles and apparel. Business representatives from the United States and Indonesia also met to exchange views on ways to expand and improve trade and investment links between the two countries.

Indonesia is the 29th-largest U.S. trading partner. The Office of U.S. Trade Representative noted that trade between the two countries totaled $18.5 billion in 2007.

The United States also meets regularly with the Association of Southeast Asian Nations (ASEAN) countries, of which Indonesia is a member, under the auspices of a Trade and Investment Framework Arrangement signed in August 2006. The arrangement considers new ways to enhance trade and investment relations in Southeast Asia, a commercially and strategically significant region for the United States. Other ASEAN members are Brunei Darussalam, Burma, Cambodia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam. 

Source: American Shipper