Trade in Services and investment (theory)

Trade in services and investment negotiations are, broadly speaking, about two key categories of commitments:

  1. the Market Access Commitment –the commitment to let each other’s services suppliers or investors have access to domestic service market and
  2. the National Treatment Commitment –the commitment to treat foreign services suppliers or investors no less favourably than one’s own service suppliers or investors.

Market Access: This implies that a Party may not impose on service suppliers or investors of the other Party certain types of quantitative restrictions that would limit access to its market, such as limitations on:

  1. The number of suppliers or services operations,
  2. The total value of transactions,
  3. The participantion of foreign capital by quantity.

National Treatment (NT): This implies that a Party may not discriminate agains the other Party’s service suppliers and investors in favour of its own domestic service suppliers or investors.

A typical type of discrimination would be to impose more restrictive conditions to a foreign supplier for the supply of a given service than to the Party’s own providers – for example, by limiting foreigners’ voting rights in an enterprise irrespective of their level of investment.


Source: Services and investment in EU trade deals, April 2016

BREXIT and Free Movement on Islamic Finance Industries


BoE, July, 2015

Short documentation: 

In general the British exit (Brexit) issue is more political rather than economy. It began with the opinion of most British senior citizens who feel that the UK is bigger than Europe (Great Britain is not supposed to be ruled by the much smaller Brussel) and this was harnessed by politicians to be turned into a political issue.

The historical background, in 1991 the Maastricht Treaty/Treaty on European Union (TEU) was signed with a vision of integrating its member countries further more, amongst it is the plan of using Euro as a single currency.  The UK Prime Minister at the time, Tony Blair, filed a clause to “opt out”. Then in 2002 the EUR currency was launched and several EU member countries were listed in the European Monetary Union (EMU). The UK Chancellor at the time Gordon Brown, carried out five tests to assess the possibilities for UK to use EUR, which included 1) Economic Harmonization, 2) Sufficient Flexibility, 3) Effect on Investment, 4) Effect on Financial Services, and 5) Effect on Growth and Jobs, and the results showed that it was better for the UK to not join the EMU.

In its trade system, European Union also applies Single Market that means the European Union region as a territory with no internal border/barrier that obstructs the movement of goods and services. Should the UK exited EU, the benefit of the single market mechanism in European countries would still be enjoyed by both sides through bilateral cooperation.

Up to today the pro-EU position is still slightly ahead of pro-Brexit (45:40), and there is still a chance for pro-Brexit to win the votes because of the size of the undecided vote (15%). Should pro-EU won in the EU referendum, it would strengthen the political position of Cameron and the Conservative Party. Yet on the other hand should pro-Brexit won, many analysts predicted that Cameron would be pressured to resign.

Should Brexit won, the impact is predicted toward the Service Trade, 1) whether or not carrying out Brexit, the UK will still lose influence toward EU member countries that are heading into a more strict monetary and fiscal integration, 2) the UK kept rejecting EU regulations that will harm the City of London (i.e. financial transaction tax), 3) exiting EU enables the UK to become a center of global finance, and 4) exiting EU will not have any harmful effect for the UK and will not change the fundamental attraction of London.

One of the main Three Pillars of The European Union is the European Communities that include the aspects of economic, social, and environmental policies. It is interesting to observe the issue of Labor Force Movement (free movement), on Q1 2015, the number of EU population with working status in UK reached 1.9 million people[1].  These EU immigrants have rights on benefits (that includes tax credit) equal to the UK citizens, and it is a pull factor that triggers immigration and creates distortions in the labor force market[2]. Should the UK stayed in EU it would raise immigration policies problems. In the UK, immigration grows faster than the infrastructure that the public services become scarce and immigration can reduce the UK citizen wages. The Brexit could help in selection professional labor force who can work in the UK. That includes the free movement of expertise, and law firm in the field of Islamic Finance will be limited access in UK/EU. In the future the UK government can focus the developments on policies, education and industries in the Islamic Finance to maintain the UK position as the center of Global Islamic Finance Development. Certainly it would be supported by a renegotiation of its bilateral cooperation scheme with EU countries. (RATIH R./165/June)


[2] Phillip Hammond, UK Foreign Secretary (



Dubai International Financial Centre (DIFC)

Hi Bil,

Pardon for late writing the blog because it was year end holiday. Oke I would like to share my first official journey to Dubai. In mid December 2015, I went to Dubai with my colleagues. Due to my lowest position as staff, I have to arrange our journey, especially logistic aspect and communication with our partner in Dubai.

I would like to share that we have to prepare our itinerary, our documents (VISA, Passport), communication, money, and also weather. It was different when we travel for personal, holiday or family. For me, travel for official had have an unique challenge and we have to finish our preparation before others. It means that we have to discipline, quick response, and creative. Huft! Actually I was very tired but it would be great journey.

In Dubai, I arranged the meetings. After meeting, my colleagues have their preference to go somewhere that they want to. We enjoyed Dubai International Finance Centre (DIFC) area in the morning until afternoon. In DIFC, I saw many financial or business company in here. We visited regulator in financial sector and Market. Do you know Bil, the DIFC Gate was shooting location Mission Impossible: Ghost Protocol, 2011.

We visited Dubai Mall, Emirates Mall, Dubai Downtown area: Burj Khalifa (Highest Building in the World, 828 meter), Dubai Fountain, Palm Jumeirah, Deira area, and Dubai International Airport. I was amazing with taxi driver in Dubai, they drove highly speed maybe because the road is very good condition.

So, my lesson learned from this journey: please well prepare the documents and best place in the city.

burj khalifa

Background: Burj Khalifa, December 2015

dubai fountain1

Background: Dubai Fountain, December 2015

Thank you Allah for blessing me and gave me the special opportunity. See you NEXT YEAR!!!

Anak Indonesia: Banggalah!

Best wishes and congratulation from world leaders have been flowing in for president-elect Joko “Jokowi” Widodo, following Tuesday evening’s final election result announcement by the General Elections Commission (KPU).US President Barack Obama, Singaporean Prime Minister Lee Hsien Loong and Australian Prime Minister Tony Abbott were among the first world leaders to call Jokowi and congratulate him.

-Jakarta Post, July 23, 2014

Hi Bil, 23 Juli 2014 Hari Anak Nasional, Selamat tumbuh menjadi anak cerdas Indonesia yang berjiwa luhur.
Eniwie, tante hanya menyampaikan betapa bersyukurnya lahir, tumbuh, dan berkembang di Indonesia.

Untuk tante dan sahabat2 tante -(you knowlah om tante-mu nan hebat2 jebulan rantau kehidupan negara maju itu) sudah mengalami titik nol bahwa menjadi anak Indonesia itu luar biasa bangganya. Bagaimana tidak jika dengan segala kekhasan masalah, karakter memyikapi fenomena, sudut pandang pendapat, dan kesenjangan sosial, kami tetap masih dapat merasakan betapa rinduuuuunya pada Tanah Air ini.
Pernah suatu hari di kelas musim panas tentang Development in Asia, dosen memperkenalkan kami kepada CEO Oilcamp Prancis “ini Ratih dan Tina asal Indonesia, kita harus memberikan optimisme pada kedua anak ini tebtang negerinya dan korupsi”. Rasanya, tertusuk! Bukan sakit hati, namun ini membuka pikiran bahwa inilah salah satu cara dunia memandang Indonesia.
Bukan anak muda Indonesia jika kalah loyo pada ucapan beliau, justru sebagai momentum pembuktian bahwa bangsa Indonesia mampu.
Diantara teman-teman delegasi asal Asia Pasific, Indonesia salah satu negara yang layak dijadikan role model dalam pembangunan demokrasi dan peradaban sebuah bangsa.
Bersyukur kita masih dapat mengakses internet dengan tidak was-was. Jika mendengar teman-teman asal di Myanmar dan om Ndaru -Kemlu, ex local staff KBRI Myanmar disana jauh lebih memprihatinkan atau paling tidak junta militer ala Korea Selatan tidak ada. Hehehe

Jowo Widodo, 2014

Joko Widodo, 2014

So pesan tante, bersikaplah sewajarnya dalam menghadapi situasi yang berbeda di masyarakat. Manusia sosial sangat butuh pemahaman satu sama lain, di-iya-in aja dulu. Jika ada kesempatan, sampaikan dan perjuangkan prinsip dan pemikiranmu dengan baik. Sejauh tidak gagap Inggris loh ya… please be humble as usual, dear. Orang yang udah merasakan hidup merantau di negara maju sudah seharusnya hidup sewajarnya tidak riweuh macem di Indonesia. Hehehe nanti keliatan yang tidak neko-neko dan hidup simpel!

EPI – Produk Global: REKSADANA

Picture 26

Bull markets are characterized by optimism, investor confidence and expectation that strong results will continue. The use of “Bull” to describe markets comes from the way the animals attack their opponets. A bull thrusts its horns up into the air. These actions are metaphors for the movement of market. If trend is up, it’s a Bull Market.

Globalisasi Ekonomi mendorong pasar global untuk saling berintegrasi dan menularkan produk mereka ke penjuru dunia. Topik kali ini adalah reksadana, yaitu produk investasi dari pasar bursa yang lebih aman dibanding dengan saham. Hadirnya globalisasi ekonomi didukung dengan globalisasi teknologi mendorong lahirnya manusia global yang berani dan kreatif dalam bertransaksi secara modern, tidak lagi tradisional, dan terlibat dalam realitas pasar global. Diperlukan ketelitian dan keberanian mental dalam menjatuhkan pilihan berinvestasi di pasar saham. Beruntunglah, seiring perkembangan jaman, kemunculan reksa dana menjadi solusi bagi masyarakat yang ingin bertransisi agar lebih percaya diri dalam berinvestasi. Reksadana di Indonesia dikawal oleh manager investasi, bank kustodian, dan bank sebagai penjual produk reksadana. Dengan demikian, bagi masyarakat yang memiliki dana lebih (terlebih momentum jelang lebaran) dapat mulai melirik produk jasa keuangan selain tabungan dan deposito.

Menyisihkan uang dalam bentuk Reksadana kini dapat menjadi pilihan yang mengutungkan dan aman berinvestasi. Berikut tips basic dalam ber-reksadana:
1. Tentukan proporsi finansial disesuaikan dengan pendapatan. Idealnya, 30:70 yang mana porsi maksimal untuk kita menyisihkan uang dalam berinvestasi adalah 30% dari total pendapatan. Investasi disini: misalnya reksa dana, saham, investasi jiwa (asuransi). Jangan sampai proporsi investasi lebih besar daripada biaya kebutuhan sehari-hari. Men, hidup hanya sekali, bersenang-senanglah juga.

2. Prioritas Finansial. Dalam tahap ini, sebelum memutuskan investasi apa yang sekiranya cocok untuk kita, maka perlu mendata apa saja prioritas kebutuhan kita termasuk time line jangka waktu. Contoh, dalam jangka waktu 1 tahun ingin memiliki gadget, 2 tahun biaya nikahan, 3 tahun lahiran, 5 tahun rumah, sepanjang tahun untuk dana pensiun.

3. Pilih Produk Reksadana. Setelah menentukan prioritas finansial dan jangka waktunya. Kita dapat memutuskan dimana kita akan menempatkan dana kita. Reksa dana memiliki beberapa jenis sesuai penempatan dana:
a. Pasar Uang : dana investasi kita nantinya oleh Manager Investasi (MI) akan dikelola ke dalam pasar uang. Pasar uang cenderung low risk, low return. Opini saya, untuk dana taksis bulanan dapat kita tempatkan dalam RD Pasar Uang ini. Mengapa? in case something happen dan kita butuh dana cepat dengan nilai tidak terlalu turun.
b. Pendapatan Tetap : return pendapatan tetap cenderung stabil. Slot pos rencana dana pensiun dapat juga dimasukan dalam pendapatan tetap.
c. Campuran : dana campuran merupakan mix. Dana Campuran menjadi pilihan bagi pemilik profil risiko sedang.
d. Saham : RD saham cocok untuk pemilik risiko tipe high risk, high return. Keadaan pasar cenderung fluktuatif sehingga dibutuhkan rasa tenang dan tetap fokus terhadap tujuan prioritas finansial kita. Sangat penting untuk tidak panik terhadap reaksi pasar, over reaction akan membuat keputusan kita menjadi kurang solutif.

4. Pergi ke Bank yang memberikan kemudahan akses dalam reksadana. Saat ini banyak Bank mendukung kegiatan berinvestasi, namun perlu diingat bahwa reksa dana bukanlah produk perbankan, melainkan hanya produk yang ditawarkan oleh bank dan dana-nya dikelola oleh manager investasi (MI) dan bank kustodian. Definisi ini perlu diterapkan oleh masing-masing calon pembeli reksa dana karena in case something happen, pastilah pihak bank tidak ada mau bertanggung jawab.
Di Indonesia, umumnya masyarakat yang senang berinvestasi di reksa dana akan memilih Commonwealth Bank. Alasan praktis, penawaran diskon hingga 50% fee top up, banyaknya macam pilihan jenis reksa dana membuat investor lebih fleksibel berinvestasi. Singkatnya, supermarket reksa dana. Namun bukan berarti bank lain tidak bagus ya, itu hanya soal pilihan saja.

5. Saat di bank, kita akan diberikan lembaran kertas kuesioner: profil risiko. Terdapat beberapa pertanyaan terkait tentang profil kita yang nanti hasilnya sales marketing akan mengusulkan tempat terbaik investasi, apakah itu berada pada Pasar Uang, Pendapatan tetap, Campuran, dan Saham.

6. Kelengkapan administrasi: stadart administasi ala Indonesia-lah, yaitu KTP, NPWP (perlu karena kita akan dikenakan pph dalam berinvestasi), formulir, dana yang akan disetor.

7. Memilih jenis reksadana. Sebelum ke bank, memang ada baiknya cek website terkait NAB Reksadana, saya langganan membuka Di dalam web tsb telah tersedia informasi NAB terkini dan prospektus. Informasi yang kita dapat dari website bisa kita komunikasikan dengan sales marketing bank tsb. Biasanya, bank memiliki list produk reksa dana apa yang memang layak direkomendasikan kepada calon pembeli reksadana.

Picture 18 beberapa tabs pilihan Reksa Dana

a. perhatikan cerminan 1 hr, 1 bulan, 2 tahun, 3 tahun… selaraskan dengan tujuan dan jangka waktu investasi.
b. bacalah prospektus produk yang akan dipilih
c. tidak ada salahnya bertanya kepada kawan, siapa tahu kawan memiliki pengalaman terkait produk tsb
d. Perhitungkan fee subscription dari produk tsb. Untuk produk yang free fee subscription, dapat kita pilih sebagai auto debet bulanan. Lumayan kan ngumpulin receh.

Picture 25

Lembar e-banking untuk Reksadana

8. Top Up RD. Kita dapat melakukan top up dari RD kita any time kapan memiliki dana lebih, tinggal top up. Era canggihnya IT, mendukung kita dapat top up melalui internet banking, bahkan bank pun turut promo dengan memberikan diskonan fee top up tsb (fee subscription). Ini perlu diperhatikan, mengingat lumayan besar juga fee top up tsb. Misalnya: 1%, 1.5%, 2% dari nilai transaksi pada saat pembelian tsb. Di gambar, terdapat pada kolom subscription.

9. Redeem RD. Maksudnya, kita dapat menarik kembali dana yang telah kita investasikan. Mohon diperhatikan apakah produk RD yang dibeli akan menjadi minus returnnya saat diambil sebelum jangka waktu tertentu. Biaya reedem pun berbeda-beda tiap produk/ bank. Terkait redeem, persiapakan waktu paling tidak 2 hari sebelum membutuhkan dana, mengingat bank akan berkoordinasi dengan bank kustodian dan manager investasi. So far, saat saya bokek, RD alokasi dana taksis di pasar uang dapat diandalkan. heheh manfaat investasi 😀

9. Kapan saat terbaik kita menarik dana investasi kita? Jawabnya pertama, idealnya, kapan kita membutuhkan dana asal telah melampaui return yang telah diharapkan. Untuk RD Saham yang cenderung fluktuatif, tidak panik dan over reaction terhadapa kondisi pasar. Jika kondisi turun, ingatlah pada tujuan dan jangka waktu. So, tidak perlu ditarik jika memang belum saatnya. Kedua, jika menurut kalian sudah melebihi jangka waktu tujuan awal dan sudah menguntungkan, tariklah. Masak orang berinvestasi, tidak memanen. Ada saatnya panen juga kan….

Tips general:
1. Saat IHSG turun, jika memiliki dana lebih, justru menjadi momentum untuk membeli RD jenis lain.
2. Pastikan kita telah mencari informasi tentang RD sebelum datang ke bank, saya termasuk orang antipati terhadap informasi sepihak dalam bertransaksi sehingga perlu adanya kroscek secara mandiri. Atau pantau informasi finansial planner Aidil Akbar dkk.
3. Jika mendapat pendapatan ekstra, misal THR, Gaji ke 13 langsung sisihkan untuk membeli RD.
4. Mohon diversifikasikan jenis RD kita. Hal ini meminimalkan risiko kerugian akibat ‘jatuh anjloknya’ nilai NAB suatu produk, terutama bagi RD saham. RD produk syariah pun tidak kalah stabil dengan produk RD konvensional lainnya.

Selamat datang di era global. Tanpa RD, mana tahu ada BNP Paribas-UK, Schorder, hehehe
Selamat ber-reksadana, dijamin nagih loh untuk masa depan!

Selamat berlebaran.

P.S: Hari Raya Idul Fitri menjadi tradisi ‘komsumtif’ yang tinggi bagi masyarakat Indonesia. Banyaknya uang beredar di pasaran mendorong inflasi yang bisa jadi naik, harga kebutuhan pokok pun cenderung naik. Harus super esktra pandai mengatur keuangan menjelang hari raya. Jangan sampai, setelah hari raya kita harus mendadak berhutang atau ‘berpuasa’. oh no! Mari buka reksadana.


July, 2014

-Ratih, Gdg Soemitro Djojohadikusumo

EPI: Hi Tech Globalization


W/ jr. Diplomat John and Sr. Diplomat Ali Alatas pic

W/ Jr. Diplomat John and Sr. Diplomat Ali Alatas pic, MoFA R.I office, 2014

Welcome July! I entered my July with big surprise from Allah: Men, ketemu lagi dengan sahabat lama, Jr. Diplomat John R. Purba. Pertemuan yang kebetulan, meski saya percaya bahwa tiada hal di dunia itu hanya kebetulan, membuat saya menemukan oase layaknya spirit jaman kuliah bersama teman-teman hebat. Well, semakin berjalannya waktu, orientasi hidup manusia pun berbeda-beda, gaya berteman pun menjadi berbeda. Belum lagi ditambah pola hidup modern ala Jakartatrans. Sometimes I feel lonely because I difficult to find amazing person with anti mainstream mindset, lifestyle…. that I found easier them at my campus. Thanks God, I still keep in contact and interaction with them on social media. We can share our perspective on so many issues. I find a peace of mind when we are sharing, talking, joking… so in the end of interaction, I can say: oh yes I get something knowledge, joke, refresh…. hey, it seems like we meet in real life you know. Maybe its chemistry, friends chemistry indeeed! I am happy about it.

I should say thanks to Hi Tech Globalization which give us easir to meet our friends. Really, I can get their up date from chat, path, facebook, blog, skype… It is very helpful. In 2005, at Globalization class by Mr. MUHADI Sugiono and Mr. Mochtar Mas’oed I worried about Hi Tech globalization. It was debatable bad or good impact for young generations. But now I feel its advantages. In general speaking, we have to still be aware and wise to use media. In globalization era, we can see how media (social media) can influence people act. Some of social, politic, economic crisis triggered from social media. Ex: Egypt, Turkey, Syiria, Thailand, and Indonesia-black campign trending topics etc. International Economic Politic is influenced by complexity and complicated actions from global society. And we are a part of global society should have a ‘special filter’ to choose what is necessary and priority to adopt in our life.

Back to John and diaspora Republic of Indonesia, from them I can get knowledge and recently up date about their host states and our Indonesian citizen in there. Welcome to boarderless era.

We are United

We are United

Something New on this blog. Well, I just finished my classical and on the job training, so it is good time back to focus on my passion IR-Economics through reading, re-active attending e-learning at Columbia University (Prof. Sachs), writing and sharing knowledge. I would like to write it for you, readers. TRATA!