Items Tagged with 'indonesia'

An agreement to ban food export restrictions could be in reach for the World Trade Organization after years of failing to produce a major achievement.

When the Russian military invasion cut off Ukraine’s ability to export sunflower oil and wheat, it helped push “a cascading food crisis around the world,” according to a spokeswoman for the U.S. Agency for U.S. Agency for International Development. Now Indonesia, which last week banned the export of palm oil, is exacerbating the conditions that are driving global shortages and price spikes of vegetable oil.

The Biden administration has all but ruled out tariff-slashing market access deals when it comes to its proposed Indo-Pacific Economic Framework, but the U.S. ag sector still hopes the agreement will include a trade pillar that boosts exports to rapidly growing markets that are home to a patchwork of regulatory restrictions and non-tariff trade barriers.

The Commerce Department today took the final step to authorizing retaliatory action against imports of biodiesel from Argentina and Indonesia, setting the final rates importers must pay to bring the biofuel into the U.S.