Indonesia applies to join CPTPP, aims for economic reform

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SEOUL, September 27 (AJP) - Indonesia has officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a Japan-led multilateral free trade agreement in the Asia-Pacific region. Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto announced that the country had sent a letter of application to New Zealand, aiming to become the 13th member of the CPTPP.

Minister Airlangga said, "This decision is to structurally reform the Indonesian economy and open up the market," adding that President-elect Prabowo Subianto also supports this move. The Indonesian government anticipates official membership by 2026 to 2027, based on the UK's recent accession process.

Indonesia expects CPTPP membership to boost export performance by up to 10 percent due to significantly lower tariffs within member countries, potentially creating more domestic jobs. Mohammad Dian Revindo, Deputy Director of the Institute for Economic and Social Research at the University of Indonesia, commented, "It is expected to open up export opportunities in textiles and clothing, food and beverages, and electrical equipment sectors."

The CPTPP currently includes Japan, Canada, Australia, New Zealand, Vietnam, Singapore, and Chile, among others. With the UK's membership agreement set to take effect in December, the total number of member countries will rise to 12. South Korea is also currently pursuing membership in the agreement.

AJP

Indonesia applies to join CPTPP, aims for economic reform

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