RCEP: Indonesia integrates the world's largest trade agreement
On 30 August, the Indonesian House of Representatives adopted a law ratifying the country's accession to the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade agreement involving the ten ASEAN members.* China, New Zealand, Australia, Japan and South Korea. With the adoption of this law, whichto be promulgated by the President, RCEP should enter into force for Indonesiabefore the end of the year. Jakarta is thus the 13th of the 15 signatories to ratify the giant trade pact. The Philippines and Myanmar now remain the only two ASEAN states not yet signed.
Entered into force 1andJanuary 2022 for ten countries (RCEP: Asia-Pacific Trade Agreement in force in January 2022) but in talks since 2011, the RCEP is much more than just a free trade agreement limited to trade in goods and services. Its twenty chapters standardize many customs regulations and cover investment, intellectual property, electronic commerce, competition, public procurement and dispute settlement. This pact accounts for 30% of world GDP and eliminatesup to 92 % of customs duties on goods exchanged between its members.
Until then, Indonesia had been reluctant to sign the treaty, fearing an influx of goods imported into the archipelago.
*ASEAN: Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, Vietnam.
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