Ministry of Trade: RECP and IK-CEPA Economic Partnership is Key for Indonesia's Muslim Fashion to 'Go Global'

JAKARTADAILY.ID – The Indonesian Ministry of Trade is determined to make Indonesia the Mecca of the world's Muslim Fashion by 2024. Indonesia's current position is still in the 13th position of the world's Muslim clothing exporters, with a share of around 1.86 percent.

Minister of Trade Zulkifli Hasan said that in an effort to boost global market exports, the Ministry of Trade will hold a plenary meeting with members of the House of Representatives in order to ratify an international trade cooperation agreement.

The agreements that will be ratified are the Bill on the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Bill on the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA).

Also read: Trade Minister: Indonesia Wants to Be the Mecca of Muslim Fashion in 2024

“Through trade agreements, the government opens a 'toll road' for Indonesian products to penetrate the global market without any obstacles,” said Trade Minister Zulkifli Hasan in Jakarta, Tuesday, August 23, 2022.

Zulhas hopes that business actors, including those in the Muslim Fashion sector, can make the best use of and optimize the results of trade agreements.

Based on data from the Central Statistics Agency (BPS), the export value of Indonesian Muslim Fashion in the first semester of 2022 was recorded at $2.85 billion, up 39.86 percent compared to the same period last year of USD 2.04 billion.

Also read: Indonesian Ministry of Trade Confiscates Steel Products Worth Rp 41.6 Billion that Does Not Meet SNI

Meanwhile, in 2021, Indonesia's Muslim Fashion exports were recorded at $4.68 billion, up 12.49 percent compared to the previous year of $4.16 billion.

Even though exports have increased, Indonesia is still in the 13th position as the world's exporter of Muslim clothing. Indonesia is below China, Bangladesh, and Vietnam with a share of around 1.86 percent.

The top five destinations for Indonesian Muslim Fashion exports are the United States, Japan, Germany, Canada, and South Korea.

Also read: Ministry of Trade to Host Largest Trade Expo in Indonesia on October 19-23, 2022 at BSD City in Tangerang

"This shows that the consumption of Muslim Fashion is not always in Asian and African countries, but also in America and Europe," said the Minister of Trade.