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Investment Update: UK’s New Trading Scheme to Lower Tariffs for Indonesia

The UK has recently opened an eight-week public consultation on the new trading. This rules which will reduce and simplify tariffs for low and lower-middle income countries, including Indonesia.

Indonesia is among the 70 qualified countries for the new UK Developing Countries Trading Scheme (DCTS). Therefore, this regulation which is expected to take effect in 2022.

The scheme will enable Indonesia to enjoy lower tariffs for their exports to the UK, thus potentially boosting bilateral trade and advance growth in Indonesia. The DCTS will replace UK’s Generalized System of Preferences (GSP), which Indonesia is also a beneficiary to.

Developing Countries Trading Scheme

According to Rob Fenn, the British Deputy Ambassador to Indonesia and Timor Leste, the UK-Indonesia bilateral trade stands at around £3 billion (or around $4.12 billion). UK’s investments in Indonesia totaled £7.1 billion in 2019, making them Indonesia’s second largest biggest European investor. The UK’s investments have also helped create a million jobs in Indonesia.

“The proposed DCTS scheme signals the UK’s appetite to promote global free and fair trade, as well as demonstrating our commitment to Indonesia, by enabling Indonesian businesses to access the UK market more easily,” Fenn said in a statement on Thursday.

Fenn noted Indonesia is the UK’s 52nd largest trading partner, at least 30 places lower than it might potentially be.

“Increasing trade is a win-win, that benefits both nations and with that ambition in mind, we have already established a Joint Economic and Trade Committee [Jetco] with the Indonesian government, to identify steps we can take to increase trade,” he said.

Business Owners in Indonesia

Fenn also encouraged business owners in Indonesia to take part in the public consultation and submit ideas on how selling to the UK could be made easier. The public consultation will close on September 12.

Stay tuned for updates from our official website to get the latest news during the pandemic period in Indonesia. We are always ready to provide you with the latest information or regulations that you might need to know about. Please don’t hesitate to send your question to our email info@indo-ned.com.

Source: https://jakartaglobe.id/business


The information provided here is based on our long experience. The process or requirement may vary depending on the specific facts and conditions. Besides, the law and regulations in Indonesia subject to frequent changes. Please contact us as your consultant to get an up to date information and accurate advice. More Information click here and You can also follow our social media accounts to see the latest information posts. please click on the following links: FacebookInstagramLinkedin, and Twitter.

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