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Southeast Asian Giant Indonesia Applies To Join Trans-Pacific Trade Agreement
(MENAFN- The Rio Times) Indonesia has applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), fueling worldwide interest in the trade pact.
The CPTPP is a key free trade pact among 11 Asia-Pacific nations that removes tariffs, boosts market access, and sets high labor and environmental standards, representing about 13% of global GDP.
As Southeast Asia's most populous nation, Indonesia boasts over 280 million citizens and stands as the world's largest Muslim-majority country.
The nation's economic prowess is evident in its 2023 trade figures. Indonesia exported products worth $259 billion and imported goods valued at $222 billion.
These numbers underscore the country's significant role in global commerce. Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs, expressed optimism about the move.
He predicted increased trade among CPTPP members, benefiting all parties involved. This statement highlights the potential economic gains from Indonesia's membership.
Indonesia joins a growing list of economiesseeking CPTPP membership. China, Taiwan, Ecuador, South Korea, the United Kingdom, Uruguay , and Costa Rica have also submitted official applications.
The UK signed its accession in July 2023, marking a significant expansion of the pact. Over the past two decades, Indonesia has experienced steady economic growth.
The country's economy has consistently expanded by more than 5% annually. This growth is partly attributed to Indonesia's demographic bonus, with 66% of its population being of working age.
Indonesia's natural resources play a crucial role in its economic strength. The country is a major producer of gas, oil, and key minerals like nickel. It supplies these resources to Northeast Asian nations, including Japan, South Korea, and China.
Southeast Asian Giant Indonesia Applies to Join Trans-Pacific Trade Agreement
In its trade relations with Mexico, Indonesia maintains a surplus. The country exported goods worth $2.1 billion to Mexico while importing $370 million.
Car exports to Mexico doubled from 2022 to 2023, reaching $655 million. Other nations have shown interest in the CPTPP as well.
Thailand and Ukraine have expressed their desire to join, though they haven't submitted official letters yet. This growing interest underscores the pact's increasing global significance.
The CPTPP emerged from the ashes of the Trans-Pacific Partnership (TPP) . After the US withdrew from the TPP, the remaining 11 members formed this new agreement.
The pact came into full effect for all members on July 12, 2024. Japan, Mexico, Singapore, New Zealand, Canada, and Australia were the first to implement the agreement.
These countries began operating under the CPTPP on December 30, 2018. This early adoption set the stage for the pact's expansion.
The CPTPP is a key free trade pact among 11 Asia-Pacific nations that removes tariffs, boosts market access, and sets high labor and environmental standards, representing about 13% of global GDP.
As Southeast Asia's most populous nation, Indonesia boasts over 280 million citizens and stands as the world's largest Muslim-majority country.
The nation's economic prowess is evident in its 2023 trade figures. Indonesia exported products worth $259 billion and imported goods valued at $222 billion.
These numbers underscore the country's significant role in global commerce. Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs, expressed optimism about the move.
He predicted increased trade among CPTPP members, benefiting all parties involved. This statement highlights the potential economic gains from Indonesia's membership.
Indonesia joins a growing list of economiesseeking CPTPP membership. China, Taiwan, Ecuador, South Korea, the United Kingdom, Uruguay , and Costa Rica have also submitted official applications.
The UK signed its accession in July 2023, marking a significant expansion of the pact. Over the past two decades, Indonesia has experienced steady economic growth.
The country's economy has consistently expanded by more than 5% annually. This growth is partly attributed to Indonesia's demographic bonus, with 66% of its population being of working age.
Indonesia's natural resources play a crucial role in its economic strength. The country is a major producer of gas, oil, and key minerals like nickel. It supplies these resources to Northeast Asian nations, including Japan, South Korea, and China.
Southeast Asian Giant Indonesia Applies to Join Trans-Pacific Trade Agreement
In its trade relations with Mexico, Indonesia maintains a surplus. The country exported goods worth $2.1 billion to Mexico while importing $370 million.
Car exports to Mexico doubled from 2022 to 2023, reaching $655 million. Other nations have shown interest in the CPTPP as well.
Thailand and Ukraine have expressed their desire to join, though they haven't submitted official letters yet. This growing interest underscores the pact's increasing global significance.
The CPTPP emerged from the ashes of the Trans-Pacific Partnership (TPP) . After the US withdrew from the TPP, the remaining 11 members formed this new agreement.
The pact came into full effect for all members on July 12, 2024. Japan, Mexico, Singapore, New Zealand, Canada, and Australia were the first to implement the agreement.
These countries began operating under the CPTPP on December 30, 2018. This early adoption set the stage for the pact's expansion.
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