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Indonesia trade minister fails in bid to scrap soybean import duty
August 27, 2013 / 11:44 AM / 4 years ago

Indonesia trade minister fails in bid to scrap soybean import duty

JAKARTA, Aug 27 (Reuters) - Indonesia failed to agree to scrap its 5 percent import tariff for soybeans, the trade minister said on Tuesday, after ministries were unable to decide how best to tackle rising prices of the food staple in the Southeast Asian nation.

Earlier on Tuesday, Trade Minister Gita Wirjawan said government departments were discussing whether to remove the import tariff, after global soybean prices spiked due to dry weather and the rupiah plunged.

“We proposed to scrap the soybean import duty with other ministries but it was refused,” said Wirjawan, speaking after a meeting at the chief economic minister’s office.

Indonesia meets 70 percent of its annual needs of the oilseed through imports, mainly from the United States.

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