Deregulation of the Trade Sector Begins

Revision of the Regulation of the Minister of Trade No. 8 of 2024 on the Third Amendment to Regulation of the Minister of Trade No. 36 of 2023 on Import Policy and Provisions (“Regulation 8/2024”), is part of the government's phase I deregulation package to anticipate the impact of international trade wars.

According to Minister of Trade (“Minister”) Budi Santoso, the revision of Regulation 8/2024 was carried out to improve import governance, attract investment, and facilitate the business climate.

“The points are to carry out deregulation in accordance with the President's directives. We will deregulate certain products,” said Budi.

In the phase I of the deregulation policy on import provisions, the government also improved the Service Level Agreement (“SLA”) mechanism to facilitate the business climate domestically.

Spokesperson for the Ministry of Coordinating Economic Affairs Haryo Limanseto explained that the improvement of the SLA in Regulation 8/2024 will clarify the duration of service for import requirements.

“This means that if import requirements are still needed, the SLA must be clear. The service time and service steps must be clear,” Haryo explained to Hukumonline.

In the next phase, the government will also deregulate the domestic trade and export sectors. Discussions will be conducted across ministries/agencies coordinated by the Coordinating Minister for the Economy.