Uk Indonesia Trade Agreement

In a no-deal scenario, the UK would immediately leave the EU without agreeing on the “divorce process”. This means that the UK can regain regulatory sovereignty through excessively burdensome EU trade rules. EU social and labour legislation entails considerable costs for the UK economy – 22 of the 100 most expensive EU derivative regulations fall into this category and are particularly painful for small businesses. In establishing trade relations between Great Britain and Indonesia, he stressed the importance of concern for the environment. Mr Richard Graham MP highlighted climate change as an increasingly important issue for Indonesia and Britain. Martin Hatfull said coordinating the climate agenda could be a “quick gain” for strengthening relations. With regard to palm oil, Dr. Djalal published a report on the radical evolution of Indonesia`s position on palm oil since the 1970s, from one of the worst rates of deforestation in the world, to cooperation with the international community to promote corporate discipline in this area. And if the UK opens negotiations for a free trade agreement with Singapore, it will likely have two main objectives in mind. First, the UK is bound to strike a deal as good as the Singapore deal with the EU, as this would leave UK traders and investors with the short end of the stock compared to their EU counterparts. The good news is that if the UK decides to start its own FTA negotiations with Singapore, these are likely to be concluded in a relatively short period of time, thanks to the city-state`s experience in bilateral FTA negotiations and also because of its minimal agricultural sector. Analysts believe the EU has reason to insist on free trade agreements because they have proven effective in boosting trade, as shown by the European trade agreement with South Korea.

According to the European Commission, EU exports to South Korea have increased by 55% in the five years since the entry into force of the EU-South Korea Free Trade Agreement in 2011. Leading trade experts, such as Julien Chaisse, a professor of trade law at the Chinese University of Hong Kong, say critical issues include non-tariff barriers (NTBs) and the protection of geographical indications (GIs) that guarantee the authenticity of designated products of a given geographical origin and that, because of that origin, possess qualities or reputation. The head of the Indonesian delegation provided information on Indonesia`s current trade policy, including the signing of the largest Regional Comprehensive and Economic Partnership (RCEP) agreement at the fourth RCEP summit on 15 November 2020 and the status of other bilateral trade negotiations. At the meeting, the British delegation shared the recently signed trade agreement between the UK and Japan and the ongoing discussions within the EU. . . .