Shares of Agora, Inc. surged over 5% in pre-market trading on Monday, as concerns mounted over the potential fallout from a controversial Indonesian trade regulation that has roiled the country's textile industry.
The regulation in question is the Indonesian Trade Minister's Regulation No. 8/2024 (Permendag 8/2024) on Import Policies and Regulations. Critics argue that the regulation has severely disrupted the operations of domestic textile manufacturers by relaxing import requirements for various commodities, including textile and textile products.
According to industry experts, the regulation opened a "huge loophole" that allowed imported goods to enter the country without technical approval, violating the authority and regulations of other ministries and agencies overseeing the textile sector. This has led to calls for legal action against the regulation and accusations that it has paved the way for an influx of imported products that could undermine local manufacturers.
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