Indonesia Formally Launches Three-Island Free Trade Zone

The Jakarta Post reported Jan. 20 that after five years of delay Indonesia has formally launched a free trade zone encompassing the islands of Batam, Bintan and Karimun. According to the article, the government issued this week regulations on zone operations, including tax and duty exemptions and the loading and unloading of imports and exports. Although nearly 1,200 companies have already invested more than $11 billion in the three islands, the regulations are expected to resolve business uncertainty and promote additional investment in sectors such as electronics, manufacturing, shipbuilding and apparel.

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US Implements FTA with Peru

President Bush issued Jan. 16 a proclamation implementing the U.S. free trade agreement with Peru. Effective Feb. 1 this proclamation will modify the Harmonized Tariff Schedule to reflect the duty benefits and rules of origin under this FTA, remove Peru as a beneficiary country under the Generalized System of Preferences, set forth special provisions concerning textiles and apparel, and make technical and conforming changes in the HTSUS general notes. The proclamation also makes certain technical changes to the HTSUS to properly implement the U.S. FTAs with Morocco, Bahrain and Costa Rica.

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