BUSINESS

INDONESIA TO RATIFY RCEP BY FIRST QUARTER NEXT YEAR

31/12/2021 07:41 PM

By Mohd Iswandi Kasan Anuar

JAKARTA, Dec 31 -- Indonesia hopes to ratify the world's largest free trade deal, the Regional Comprehensive Economic Partnership (RCEP), by the first quarter of next year, said Coordinating Minister for Economic Affairs Airlangga Hartarto.

The country’s parliamentary commission has just concluded the RCEP agreement ratification debate.

It would then be tabled in Parliament early next year to complete the process and to ensure efficient implementation of the agreement, he said at a RCEP virtual briefing.

As the agreement comes into force on Jan 1 next year, Indonesia, Malaysia and several other countries are finalising the measures and institutional arrangements.

Other participating countries are Australia, Brunei, Cambodia, China, Japan, South Korea, Laos, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

The trade deal eliminates tariffs on 91 per cent of goods and synchronises common rules on investment, intellectual property and e-commerce.

 RCEP signatories make up 28 per cent of global gross domestic product and 30 per cent of the world’s population.

-- BERNAMA

 

 

 


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