JAKARTA: (Bernama) Indonesia will not sacrifice its national interests in pursuit of trade agreements, President Prabowo Subianto said, defending Jakarta’s deal with the United States under the Agreement on Reciprocal Trade (ART).
He said the agreement had undergone thorough consideration before being approved, including a reduction in tariffs from 32 per cent to 19 per cent.
"You must believe that I prioritise Indonesia’s national interests. If I assess that our national interests are threatened by any agreement, then we can leave it,” he was quoted as saying in a statement issued by Indonesia’s Government Communication Agency on Sunday (March 22).
Prabowo said the government retains the option to renegotiate if the agreement is deemed detrimental, noting that both parties had agreed to include an adjustment clause.
"We agreed that if there are matters that are not acceptable or are contrary to our interests, then an adjustment clause will be made,” he said, adding that such a provision, to his knowledge, is not found in agreements with other countries.
He said Indonesia also stands to gain from the deal, with 1,819 national strategic commodities, including coffee and palm oil, receiving zero per cent tariffs.
"In this agreement, there are 1,819 of our commodities with zero per cent tariffs. Of course this is beneficial,” he said.
On investment, Prabowo reiterated that Indonesia remains open to cooperation with the United States, but stressed that all investments must comply with national regulations, particularly in natural resource management.
He added that international market prices must be applied in managing critical minerals, with foreign participation permitted as long as government provisions are followed. - Bernama
