IORA Summit As an Opportunity to Enhance Cooperation in Many Sectors

Jakarta, Minister of Trade Enggartiasto Lukita hoped that the outcomes of Association of Indian Ocean Rim (IORA) Business Summit could open opportunity to enhance cooperation in various economic sectors. According to Enggar, the Indian Ocean region has huge business potential because most of IORA member states is developing countries that have high inflation rate and often hold many meeting with other countries to establish cooperation, contrast to developed countries "The meeting frequency is high yet the inflation rate is also high, different to developed countries. From this point, we see prospective potential and President Jokowi instructed us to open new markets," said Enggartiasto after IORA Business Summit in Jakarta Convention Center, on Monday (6/3). In addition, the minister said, many obstacles must be solved to reach a strategic economic cooperation. One of the obstacles is export tariff which is considered too high and lack of trade agreements among IORA member states. Therefore,the export tariff will be the topic to be discussed in high-level discussions among IORA head of states . "For instance, the automotive sector hit 20 to 40 percent tariff. We will bring this topic to be discussed during the meeting of heads of state and government at IORA Summit," he said. (Wawan Budianto)