Jakarta (voinews): Coordinating Minister for Economic Affairs Airlangga Hartarto has expressed the hope that the Indo-Pacific Economic Framework For Prosperity (IPEF) whose second round of negotiations is being held in Bali Island will strengthen the economies of partner countries, including Indonesia.

During a virtual meeting with the United States trade representative (USTR), Ambassador Katherine Tai, Minister Hartarto said he hoped that the IPEF negotiations would produce concrete and useful actions for partner countries, especially for workers, consumers, business actors, and investors.

"Our goal at IPEF is to increase resilience and economic growth in the Indo-Pacific region by presenting new ideas and innovations to encourage and deepen cross-border trade," he conveyed in an official statement received here on Wednesday.

The minister said that the Indonesian government has continued to focus on the real benefits of IPEF, which would be realized through increased trade and investment.

Responding to Minister Hartarto's statement, Ambassador Tai conveyed the optimism of the US government that IPEF would benefit Indonesia.

"We see potential collaborations in several sectors that can be encouraged to strengthen our bilateral relations, such as increasing digital competence, clean technology, and banking services," she said.

During the meeting, she also conveyed the United States’ concerns to Indonesia, including on the implementation of the commodity balance (NK) for imported products and Indonesian regulations regarding the imposition of import duties on intangible goods.

The minister explained that the implementation of the commodity balance, such as the application of NK for sugar, oil, and gas products, aims to control the number of goods in circulation, which will have an impact on selling prices for consumers.

"In principle, the application of the commodity balance is based on requests from importers through a digital platform. A commodity balance is applied to provide a price balance for the community. The Indonesian government is still open to inputs from all stakeholders to improve the commodity balance mechanism," Hartarto said.

While concluding the meeting, Ambassador Tai said that she would welcome the Indonesian delegation and 12 other IPEF partner countries at the IPEF ministerial meeting in Bali in May 2023. (Antaranews)