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India:
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Pakistan:
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Singapore:
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Thailand:
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Taiwan:
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Indonesia:
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Malaysia:
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Indonesia and Japan Agree Trade Deal
by Stewart DouglasJapan and Indonesia have today agreed on an historic free trade pact, on an official state visit by the Japanese Prime Minister Shinzo Abe to Jakarta, the nation’s capital.
The meeting in the capital saw Prime Minister Shinzo Abe signing a free trade agreement between the two countries, ending many of the barriers to trade in the region.
The agreement signed today removes import taxes on the Indonesian side, whilst insisting the Indonesian economy provides a stable flow of energy through Japan to help fuel economic growth and minimise the risk of sourcing energy from further afield.
It is thought that the bulk of energy supply will remain from LNG (liquefied natural gas) sources. At present, Japan imports more LNG than any other nation in the world, with Indonesia ranking as its number one supplier.
Both Japan and Indonesia have celebrated the agreement, which looks set to strengthen relations both diplomatically and economically within the two nations.
Commerce has already come out in force behind the deal, with a collaborative effort from Indonesian and Japanese energy giants to establish an LNG refinery in the near future.
Meanwhile, the agreement comes as no less than the sixth free trade deal in place with Japan and other south-Asian nations, signifying Japan’s attitude toward unifying and facilitating trade within the region.
The agreement, which will come fully into force in 2008, will remove the vast majority or current import taxes facing Indonesia, as well as the taxes borne by Japanese traders. Additionally, it will provide an established channel of Japanese investment in Indonesian energy, to allow further development of capacity and supply in the region.
In addition to the trade implications, today’s agreement also commits both nations to continuing to monitor CO2 emissions after the Kyoto agreement expires in six years time.
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