Jakarta, CNBC Indonesia – Minister of Cooperatives and SMEs (MenKopUKM) Teten Masduki said that countries in the ASEAN region are targets for global products, aka cross-border trade markets. The reason is, ASEAN has a population predicted to reach 679 million people with economic growth estimated at 4.6%.
Teten said that ASEAN was also being targeted because its gross domestic product value reached US$3.36 trillion and ASEAN’s export contribution to the world reached 8.39% of total world exports with a value of US$2.05 trillion.
For this reason, said Teten, attention must be paid to the growth of MSMEs so that it is not eroded by illegal trade across national borders.
“I want to highlight the importance of ensuring the ability of our MSMEs to grow by protecting our borders from illegal cross-border trade which results in predatory pricing,” said Teten in his official statement, as quoted on Wednesday (27/9/2023).
In recent times, cross-border transactions have been in the spotlight because they are increasingly common on social media (social media) which also act as e-commerce platforms.
This practice was accused of being one of the culprits that eroded the growth of MSMEs in the country.
Until then the government decided to ban this practice by establishing regulations that prohibit social media as well as e-commerce, aka social-commerce (s-commerce).
Source: CNBC Indonesia