Having experienced with the economic downfall in Sukarno’s administration, Suharto focussed on the economic stability while starting his administration in 1967. He applied what have been regarded as balanced budget, relying on foreign funds to balance the budget, and preventing the government from printing money or issuing debt securities to finance its deficits. Suharto also opened the capital account so that private sectors had access to foreign funds. Besides balanced budget, Suharto implemented the balance of payments, rehabilitation of the infrastructure and agricultural development.
The fluctuation of oil prices significantly influenced Indonesian economy in 1970s and 1980s as oil contributed an average of almost 70 per cent of …show more content…
The government curtailed tariff ceilings to 60 percent, declined the number of tariff levels from 25 to 11. The government also eliminated some nontariff barriers such as 165 import monopolies were abolished and replaced by tariffs. In 1988, it removed import monopolies for plastic and steel. In May 1990, nontariff barriers for several commodities, such as consumer electronics and electronic components, were eliminated, enabling them to be imported under the nonrestrictive general importer license. The policy to reduce tariff and to eliminate non-tariff barriers had resulted economic gain. In the 1980s, the shift from highly dependence on primary comodities to manufacturing coloured the composition of Indonesia’s export. From 1984 to 1999, the share of manufactured products in total exports significantly increased from 10 per cent in 1984 to 42 per cent in 1999. In contrast, the share of primary commodities in total exports declined from 84 percent in 1984 to 43 percent in …show more content…
It means that rules do not apply to entire sectors, but simply to specific trans¬actions that have been listed in a this commitments from each Member. Each Member may modify or withdraw any commitment in its Sched¬ule at any time after three years have elapsed from the date on which its commitment entered into force. Indonesia published its specific commitments through establishing the initial commitment in February 1991, containing certain sectors that gradually opened for foreign service providers. There were 68 transactions encompassing: Telecommunication (9 transactions), Construction (35 transactions), Tourism (3 transactions), Maritime transport (2 transactions), and Finance (19
The fluctuation of oil prices significantly influenced Indonesian economy in 1970s and 1980s as oil contributed an average of almost 70 per cent of …show more content…
The government curtailed tariff ceilings to 60 percent, declined the number of tariff levels from 25 to 11. The government also eliminated some nontariff barriers such as 165 import monopolies were abolished and replaced by tariffs. In 1988, it removed import monopolies for plastic and steel. In May 1990, nontariff barriers for several commodities, such as consumer electronics and electronic components, were eliminated, enabling them to be imported under the nonrestrictive general importer license. The policy to reduce tariff and to eliminate non-tariff barriers had resulted economic gain. In the 1980s, the shift from highly dependence on primary comodities to manufacturing coloured the composition of Indonesia’s export. From 1984 to 1999, the share of manufactured products in total exports significantly increased from 10 per cent in 1984 to 42 per cent in 1999. In contrast, the share of primary commodities in total exports declined from 84 percent in 1984 to 43 percent in …show more content…
It means that rules do not apply to entire sectors, but simply to specific trans¬actions that have been listed in a this commitments from each Member. Each Member may modify or withdraw any commitment in its Sched¬ule at any time after three years have elapsed from the date on which its commitment entered into force. Indonesia published its specific commitments through establishing the initial commitment in February 1991, containing certain sectors that gradually opened for foreign service providers. There were 68 transactions encompassing: Telecommunication (9 transactions), Construction (35 transactions), Tourism (3 transactions), Maritime transport (2 transactions), and Finance (19