Indonesian fishery products showcased at Boston expo

Maritime Affairs and Fishery Minister Susi Pudjiastuti hoped that the visitors and prospective buyers of fishery products at the seafood exhibition in Boston, the United States, would recognize the progressive market and potential of Indonesia.

“With our sincere efforts to combat illegal, unreported, and unregulated (IUU) fishing, the people will witness a rapid growth in our fishery products,” the minister noted on the sidelines of the seafood fair held in Boston on Sunday local time.

The minister was also optimistic of receiving valuable feedback from both the exhibitors and visitors to boost the exports of its maritime products and to garner global recognition.

“I also hope that the Indonesian fishery businessmen would engage in fishing in a responsible manner,” Susi said, adding that the Indonesian fishery community is not only selling the products but also engaging in rightful fishing practices and not violating IUU.

The minister also urged the Indonesian businessmen to continue developing the fishing industry in ways that are environment-friendly.

“I see a great opportunity for the exports of Indonesian marine products, although there are still obstacles to be faced, and certainly, we can solve such problems,” she emphasized.

Susi also gave assurance to the Indonesian maritime businessmen that curbing illegal fishing would open up a larger market, and thus, they must follow the international regulation on fishing.

“The Indonesian fishery businessmen have been urged to follow responsible and sustainable fishing practices,” Susi remarked.

Indonesia cuts exports of natural rubber to prop up market

Indonesian rubber exporters agreed to cut their exports of that commodity in line with the Agreed Export Tonnage Scheme (AETS) starting March until August this year.

“AETS scheme agreed upon by the three member countries of the International Tripartite Rubber Council (ITRC) is aimed at propping up the natural rubber market by cutting supply of that commodity to the world market,” Foreign Trade Director General Karyanto Suprih said in a statement here on Monday.

The government has asked the business players to comply with the scheme, Karyanto pointed out.

The commitment was declared at a Focus Group Discussion (FGD) with theme “Readiness of Indonesian Rubber Exporters to implement the AETS scheme in 2016 in line with the agreement reached on February 4, 2016 between the governments of Indonesia, Thailand, and Malaysia to cut supply of natural rubber to the world market.

The export cut would be effective from March 1 to August 31 this year.

Under the AETS scheme Thailand, the worlds largest producer is to reduce its exports of natural rubber by 324,005 tons, Indonesia, the second largest producer by 238,736 tons, and Malaysia, the third largest by 52,259 tons.

Altogether ITRC member countries agreed to reduce exports of natural rubber by 615,000 tons during the March-August period.

Indonesia to reopen banking transactions with Iran

Indonesia said it is open to resume banking transactions with Iran following the lifting of economic sanctions against Iran.

“Banking relations, an obstacle we are facing, will soon be resumed,” President Joko Widodo said after receiving Irans Foreign Minister Mohammad Javad Zarif on the sidelines of the 5th Organization of Islamic Cooperation Extraordinary Summit on Palestine and Al Quds here on Monday.

The President said economic and investment cooperation between the two countries had been hindered because banking transactions were closed due to the imposition of economic sanctions against Iran.

He said Indonesian banking authorities had agreed to follow up on the cooperation plan.

“The chairman of the Financial Service Authority (OJK) said just now that the banking transactions would soon be resumed to develop and strengthen economic relations between the two countries,” he said.

Bank Indonesia (the Central Bank) and OJK would discuss the mechanism for cooperation with Iranian banking officials.

Due to the imposition of economic sanctions several years ago, Iranian banks were unable to conduct transactions with overseas banks.

Since Irans nuclear program came to be known in 2002, the United Nations, the European Union, the US and several other countries had imposed economic sanctions on Iran.