Indonesia is determined to continue the process despite its defeat in the World Trade Organization's (WTO's) Dispute Settlement Body against the European Union, which challenged Indonesia's prohibition of nickel ore export.
"We will continue and push for the downstreaming process. Will (Indonesia's defeat in WTO) stop our downstreaming? It will not," Nazara stated at the Wealth Wisdom 2022 event here, Tuesday.
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Indonesia's defeat in the WTO would instead bolster the government's resolve to advance with the downstreaming process, he affirmed.
The deputy minister said that Indonesia, through negotiators appointed on its behalf, would continue to fight for its interests in the downstreaming efforts before the global community.
Indonesia's vast natural resource potential could become a new source of economic growth if managed for the best interests of the people, including through the downstreaming process, he stated.
"What is important is that we continue pushing for downstreaming, and we will also manage the sector," Nazara noted.
To realize new economic potentials through the downstreaming process, the government is committed to providing various fiscal facilities, including capital investment, the deputy minister stated.
He added that if the activity has proven to benefit national development, the government is ready to provide additional benefits, including tax incentives and import relaxation.
"We will utilize all fiscal tools to encourage downstreaming of domestic natural resources," Nazara affirmed.
During the working meeting with the House of Representatives' (DPR RI's) Commission VII on Monday (November 21), Minister of Energy and Mineral Resources Arifin Tasrif stated that Indonesia intends to appeal the WTO's Dispute Settlement Body verdict deciding in favor of the European Union.
"The government believed that the panel's decision is not legally binding yet, and we still have the opportunity to appeal the verdict," Tasrif said.