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Free Malaysia Today
6 hours ago
- Free Malaysia Today
Indonesia offers to cut duties on US goods to ‘near zero' in tariff talks
Indonesian state carrier Garuda will buy more Boeing planes as part of a US$34 billion pact. (AFP pic) JAKARTA : Indonesia has offered to cut duties on key imports from the US to 'near zero' and to buy US$500 million worth of US wheat as part of its tariff talks with Washington, its lead negotiator and a wheat industry association said today. Chief economics minister Airlangga Hartarto, who is Indonesia's lead negotiator, also confirmed that state carrier Garuda Indonesia would buy more Boeing planes as part of a US$34 billion pact with US partners due to be signed next week. Indonesia, which ran a goods trade surplus of US$17.9 billion with the US in 2024 according to the US trade representative, is facing a 32% tariff in US markets and has proposed increasing US imports to facilitate trade talks between the two sides. Airlangga said the Indonesian government has offered to cut tariffs on key American exports, including agricultural products, to near-zero from between 0% and 5% at present. 'It will be near zero (tariffs for US main exports), but it will depend as well on how much the tariffs we get from the US,' Airlangga said. Garuda's CEO has said it is in discussions with US Boeing to buy up to 75 units of aircraft. Garuda group did not respond to requests for comment today. The wheat purchases are also part of next week's pact with US partners. The chairman of Indonesia's wheat flour mills association, Franciscus Welirang, said its 'members will purchase 2 million tonnes in total through tenders with a competitive price.' 'The point is all of the members will buy US wheat,' Welirang, who is also a director at Indofood, told Reuters. The US counterparts in the wheat deal include Cargill, Bunge Global, Pacificor, Archer-Daniels-Midland, Columbia Grain International and United Grain Corporation, Welirang added. US exports to Indonesia include soybeans, petroleum gases and aircraft, Indonesian government data showed. When asked whether the trade talks include military deals, Airlangga said they were 'not part of the negotiation'. Susiwijono Moegiarso, a senior official with Indonesia's coordinating ministry for economic affairs, told Reuters that in return, Jakarta has asked the US for preferential tariffs on its main exports, including electronics, textiles and footwear. 'We want them to lower the tariffs (for those goods) as low as possible,' he said. Indonesia has also offered the US opportunities to invest in critical minerals projects, including in the country's abundant resources of copper, nickel and bauxite.
Malay Mail
6 hours ago
- Malay Mail
The "Mystic Mountains and Rivers · Pursuing Dreams in Guizhou" Online Communication Special Event Makes Its Way to Malaysia
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 4 July 2025 - On July 4th, the "Mystic Mountains and Rivers · Pursuing Dreams in Guizhou" Online Communication Special Event was held in Kuala Lumpur, Malaysia. The event was organized by the Cyberspace Administration of Guizhou, China, with the aim of promoting cooperation and exchange between Guizhou and Malaysia in the fields of digital economy, media communication, and cultural tourism. Mr. Loo Kok Seong, Director of Tourism Malaysia and President of the Malaysia-China Chamber of Commerce, and Mr. Loo Chuan Boon, Chief Operation Officer of the Selangor Information Technology & Digital Economy Corporation, attended the event and delivered speeches respectively. Mr. Zhao Guoliang, Deputy Director General of the Cyberspace Administration of Guizhou, China, gave a special presentation on the Zhao Guoliang stated that Guizhou's digital economy is booming, and its cultural tourism is thriving. He sincerely invited everyone to visit the colorful Guizhou, to experience its beautiful landscapes and diverse cultures, and to enjoy the unique integration of modern technology and ethnic charm. He expressed his hope that people from both sides will grow closer and more familiar with each other, and that cooperation in various fields will continue to deepen and become more Loo Kok Seong said that Guizhou's development in the fields of big data industry, digital communication, and the integration of culture and tourism in recent years has been truly impressive. Guizhou and Malaysia can explore cooperation based on the integration model of "Internet + Tourism + Culture," through joint content creation, interconnection of platforms, and exchange of talents to jointly build a cross-border communication from Malaysian chambers of commerce, associations, enterprises, media, young Internet influencers, the Guizhou Chamber of Commerce in Malaysia, and Chinese students studying in Malaysia, as well as journalists from some Chinese media stationed in Malaysia, attended the event. The issuer is solely responsible for the content of this announcement.
Free Malaysia Today
10 hours ago
- Free Malaysia Today
Sabah records more than RM100bil trade 3 years in a row
Chief statistician Uzir Mahidin said Sabah's exports in 2024 were led by crude petroleum with RM21.3 billion, palm oil with RM17.3 billion, and liquefied natural gas with RM4.6 billion. (AFP pic) PETALING JAYA : Sabah has once again surpassed the RM100 billion trade mark in 2024, marking the third consecutive year the state has achieved this milestone despite softer export figures. The statistics department said Sabah recorded RM107.8 billion in total trade last year, a 2.7% increase from 2023. However, exports slipped by 2.3% to RM61.3 billion for 2024, while imports jumped by 10.2% to RM46.4 billion. 'The higher growth in imports compared to exports resulted in a 27.9% decline in the trade balance, with a lower trade surplus of RM14.9 billion in 2024,' it said in a statement. Chief statistician Uzir Mahidin said the major commodities contributing to Sabah's exports in 2024 were crude petroleum with RM21.3 billion, palm oil (RM17.3 billion) and liquefied natural gas (RM4.6 billion), totalling RM43.2 billion or 70.4%. 'As for imports, the main contributors were refined petroleum products at RM5.2 billion, manufactured fertilisers (RM1 billion), and palm oil-based oleochemicals (RM266 million),' he said. While international exports from Sabah rose marginally by 0.9%, inter-regional exports to Peninsular Malaysia dropped by 7.2%, dragged down by a decline in shipments of crude petroleum, palm oil, and oleochemicals. Peninsular Malaysia remained Sabah's top trading partner, contributing nearly half (46.8%) of its total trade, while China, Thailand, South Korea, Japan and India collectively contributed 26.8% at the international level. The department also announced the annual external trade statistics for all states and federal territories, detailing each state's international trade values with other countries from 2019 to 2024. For Sabah, the international trade values used excluded trade between the state with Peninsular Malaysia and Sarawak. 'For 2024, the total trade of Sabah based on these values recorded a 3.6% growth to RM43 billion from RM41.5 billion in 2023. This total trade was contributed by exports valued at RM32.1 billion and imports of RM10.9 billion. 'Sabah's exports increased by 3.2% to RM32.1 billion in 2024 compared to RM31.1 billion in 2023,' it said. Imports in 2024 amounted to RM10.9 billion, marking a 5% increase over the previous year. The mentioned values differ from the report published on June 16 following updates made based on the latest data. Last week, Sabah's industrial development minister Phoong Jin Zhe, said the state's 'unusually high' trade figure for 2023 was likely driven by a single transaction and does not reflect the state's actual economic performance.
