Indonesia officially applies to join CPTPP

Reuters quoted Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto as saying on September 25 that they had sent a letter to New Zealand requesting Indonesia to join the CPTPP. "This decision was made to reform the economic structure and open up market access opportunities for the Indonesian economy ," Airlangga said.

Indonesian President-elect Prabowo Subianto at an event in Jakarta, (Indonesia) on August 16, 2024

In May, Jakarta announced its intention to join the CPTPP, hoping to attract investment and expand export market access in the 12 countries that are part of the agreement. In addition, joining the CPTPP will provide Indonesian small and medium-sized enterprises with better protection under the competition rules set by the agreement.

According to Mr. Hartarto, if becoming a member of CPTPP, Indonesia hopes to diversify its trade partners and potential markets that Indonesia is targeting are Latin America such as Mexico and Peru. Mr. Hartarto hopes that CPTPP will help increase Indonesia's export value by 10%, while promoting trade relations between CPTPP member countries, according to Antara news agency.

CPTPP members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam. The agreement accounts for about 13.4% of global gross domestic product (GDP), making it one of the world's largest free trade agreements.

Indonesian President-elect Prabowo Subianto has approved the plan to join the CPTPP. Prabowo will take over from outgoing President Joko Widodo on October 20.

In parallel with the move to apply to join the CPTPP, Reuters quoted President Widodo on September 25 announcing that the country will cooperate with real estate company Delonix Group (China) to start construction of a real estate complex in Indonesia's new capital on Borneo island.

This is the first foreign investment in the new capital, authorities said. Mr. Widodo stressed that this foreign investment will pave the way for attracting more investors.

Source: https://thanhnien.vn/indonesia-chinh-thuc-de-don-xin-gia-nhap-cptpp-185240925162926189.htm