by Cundoko Aprilianto JAKARTA, April 1 (Xinhua) -- Indonesia's ambitious goal to be the world's commodities price reference is closer following the establishment of the Indonesia Commodity and Derivative Exchange ( ICDX) launched on Wednesday. All these years, even though Indonesia is the main producer of some superior commodities, like crude palm oil (CPO), cocoa, coffee, gold and tin, among others, the country is not the party that has a power to be the price reference. Trade Minister Mari Elka Pangestu said in her opening remarks of the launch that the exchange is hoped to promote Indonesia to be the world's commodities price reference. 'In line with the ICDX's commitment, Indonesia has its own commodities price, no longer controlled by other countries,'she said. Deddy Saleh, Chairman of Indonesia's Futures Market Watchdog ( BAPPEBTI) confirmed that Indonesia's prime commodities products like CPO, cocoa and coffee are still heavily dependent on foreign price reference. 'With the establishment of the ICDX, hopefully Indonesia has its own price reference,' he said. The ICDX's President Director Megain Widjaja said that Indonesia is the largest CPO producer in the world, second largest tin producer, third largest cocoa producer, fourth largest coffee producer, seventh largest gold producer and second largest coal exporter. 'Ironically, Indonesia depends on Malaysia for CPO price reference and London for cocoa and coffee,' he said. Megain said that the goal of establishment of the exchange as mandated by Law No 32/1997 is that Indonesia be the center of price reference or the world's commodities. 'This goal can only be achieved with full support and active participation by market players, especially special policies from the government in order to increase transaction volume in the exchange,' he said. Now, he said, the ICDX has 15 members of securities companies and traders. Meanwhile, Mari said that the ICDX will be the benchmark for farmers in setting their price. 'All these years, our farmers have no guidance to set their product price. Now, they have one. The benchmark will strengthen farmers' bargaining power,'she said. With the new exchange, now Indonesia has two commodities markets. The first is the Jakarta Futures Exchange that focuses on commodities physical trade and the second is the ICDX focusing on commodities futures trade. 'The JFX and the ICDX will complement each other,' said Deddy. He admitted that the JFX was underdeveloped in the past as it has no rival. Following the establishment of the IDCX, the JFX's management would rush to improve itself. 'Now the JFX is active in the physical market of CPO and cocoa, a thing that was not seen before the establishment of the ICDX,' said Deddy. 