Mitsubishi plans to import from PT Krama Yudha Tiga Berlian Motors of Indonesia counterpart automotive parts and components worth $3.1 million for L-300 vans, Adventure vans and L-200 pick-ups.
In exchange, Indonesia will import from the Philippines complementary parts and components for D & G and L-300 vans worth $3.15 million.
Roxas said the TRM has also approved another AICO proposal from the Laguna Autoparts Manufacturing Corp. which intends to import starter motors worth $50,000 from PT Lippo Melco Auto-parts.
In return, Indonesia will import from Laguna Autoparts complementary auto parts and components for starter motors and alternators in the same amount.
Under the AICO scheme, participating companies are entitled to preferential tariff rates of zero to five percent. The AICO scheme is a precursor of the planned full trade liberalization under the ASEAN Free Trade Agreement (AFTA).
The TRM also approved the AICO scheme of Republic Asahi Philippines and its counterpart Thailand Glass.
Other firms are also eyeing an AICO scheme.
Earlier, Ford Motors Philippines expressed its intention to export the Escape to Thailand in exchange for Volvo and some other models.