EU Working Towards A Free Trade Agreement With Indonesia

The Jakarta Post are reporting that the European Union hopes to strike a free-trade agreement with Indonesia within two years despite disputes with the country over palm oil and nickel, the bloc’s trade commissioner said Tuesday.

Valdis Dombrovskis, European Commissioner for Trade, told reporters in Jakarta, “We think it is feasible by mid-2024” to conclude a comprehensive economic partnership agreement. “We see there is some renewed momentum and we hope to build on that.”

The two sides opened bilateral negotiations on a trade deal in 2016 but progress has been stalled over EU restrictions on the use of palm oil-based biofuels and an Indonesian embargo on nickel exports, say The Jakarta Post.

Dombrovskis said the disputes needed to be resolved through negotiation and the World Trade Organization.

Indonesia and Malaysia have filed appeals at the WTO over the biofuels dispute.

As part of its “Red II” directive, the EU has decided that biofuels based on palm oil will not count towards its targets for the use of renewable energy by 2030 and it is looking to phase out their use.

The EU has filed its own WTO challenge against Indonesia over a temporary embargo imposed by Jakarta on exports of raw materials used in stainless steel, including nickel.

The trade commissioner is in Indonesia for a G20 ministerial meeting. He is also due to brief Indonesian officials on a proposed European law aimed at banning imports to the EU that contribute to deforestation.

The law’s text, which is not yet final, will affect several Indonesian sectors, including wood, palm oil and rubber.

“Of course there are questions being raised by the Indonesian side, so we’re going to explain how it will work and reassure the Indonesian side that it’s an environmental measure and not a measure to hinder access to the EU market,” Dombrovskis said.

Trade in goods between the EU and Indonesia amounted to USD 24.7-billion last year.

Source: The Jakarta Post

Latest Article
OJK to Allow Investment Managers to Establish Pension Funds
Indonesia’s Financial Services Authority (OJK) will soon allow investment managers to operate financial...
Indonesia Inflation Hits Three-Year Low
BNN Bloomberg are reporting that Indonesia’s consumer prices rose at their slowest pace in nearly three...
Indonesia’s Largest Investment Forum Set to Return
B-Universe Media Holdings and the state-owned bank BNI will hold its annual investment forum at the Jakarta...
Indonesia Ratifies Bilateral Defense Cooperation Agreements
According to reporting from Antara News, Indonesia’s House of Representatives (DPR) has legislated five...
Indonesia Invites AI Investment
Antara News are reporting that Indonesia’s Minister of Communication and Informatics, Budi Arie Setiadi,...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.