Barriers to crude palm oil (CPO) Reduced

The Indonesian government is committed to resolving barriers to exports of crude palm oil and derivative products with Russia and the Eurasian Economic Union or EAEU.

If negotiations are not successful, Indonesia can conclude a free trade agreement with Russia and the EAEU. Similar to countries in Western Europe, the EAEU, which consists of Russia, Armenia, Belarus, Kyrgyzstan, and Kazakhstan, is also building its economy towards a green and sustainable economy. Russia imposes a value added tax (VAT) for crude palm oil (CPO) and its derivatives by 20 percent, but reduces VAT for other vegetable oils. Director General of International Trade Negotiations at the Ministry of Trade, Djatmiko Bris Witjaksono, said that Indonesia had discussed the issue with Russia and EEC representatives during a visit to Russia on June 2-5 2021. On that occasion, the Indonesian delegation met with the Russian Minister of Trade and Industry Denis Manturov and Minister Responsible for Integration and Macroeconomics of the EEC Sergei Glazyev. Although it has not been discussed in detail, Indonesia has submitted to Russia to reconsider the imposition of VAT of 20 percent on CPO and its derivative products.

|•SOURCE•| Articles :POLITICS | Image :CIFOR |

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