The Ministry of Trade will issue a Minister of Trade Regulation (Permendag) regarding the commodity auction market. Head of CoFTRA Didid Noordiatmoko said the commodity auction market would make it easier for entrepreneurs to sell their commodities. Currently, there is a Presidential Order or Presidential Regulation Number 75 of 2022 concerning Arrangement, Development and Development of Commodity Auction Markets. Under these rules, CoFTRA is appointed as the administrator of the auction market, and still had to wait for derivative regulations in the form of the Minister of Trade Regulation before the commodity auction market was implemented.
There are 22 types of commodities that will enter the auction market. Some of them, namely tobacco, fish, seaweed, and flying fish eggs. With this scheme, banks can enter in terms of funding. So the fisherman once collected, and immediately gets money. Now the one who collects is the entrepreneur, the export proceeds are paid to the bank. The Minister of Trade related to the commodity auction market could not be released in the near future. However, he and the businessmen continued to discuss the formation of a commodity auction market while waiting for the rules to be finalized.
