The results of a study commissioned by the Asia-Pacific Economic Cooperation Policy Support Unit (APEC PSU) have supported Indonesia’s proposal to push forward the trade of development products among countries in the Asia-Pacific, a minister has said.
“The APEC PSU’s assessment results have given positive signals which are supportive of a proposal Indonesia submitted last year to push forward the trade of development products among APEC member countries, which aims to balance the economic growth of developed and developing countries,” Trade Minister Rachmat Gobel said as quoted by Antara news agency on Boracay Island, the Philippines, on Sunday.
He made the statement at a Committee on Trade and Investment (CTI) meeting on the sidelines of the APEC Ministers Responsible for Trade Meeting 2015, which was held on Boracay from May 23 to 24.
Rachmat said Indonesia submitted the proposal in an effort to identify a correlation between the trade of products being assessed and rural development and poverty reduction. Development products from Indonesia are rubber, oil palm, crude palm oil, rattan and fishery products.
“This [proposal submission] was conducted to maintain a balanced liberalization between developed and developing countries, initiated in a framework toward achieving the Bogor Goals in APEC,” Rachmat said.
The minister said the APEC PSU concluded that there was relevance in pushing forward a trade expansion of the assessed products through a tariff reduction. The APEC PSU also considered that many development products had potential to increase in the global trade and had comparative advantages.
“Generally, the trade of agriculture products has a correlation that is much more positive toward rural development and poverty reduction compared to industrial products,” said Rachmat.