Indonesia aims to finalise negotiations for major trade deals in 2019

15:49 | 07/09/2019 Global Economy

The Indonesian Government targeted completing negotiations on Regional Comprehensive Economic Partnership (RCEP), Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA), and Indonesia-Taiwan Economic Cooperation Framework Agreement (IT-ECA) by 2019-end.

Minister of Trade Enggartiasto Lukita - Source: Antara

Indonesian Trade Minister Enggartiasto Lukitasaid on September 4 that the trade agreements were aimed at driving exports while transforming local businesses to become more competitive in the regional and global markets.

“We cannot increase exports and investments if our country has no trade agreements with other states. Hence, it is crucial for us to seek more collaborations in future,” he stated.

Proposed in 2012, the RCEP aims to reduce import duties and promote investments, intellectual property rights, and technical cooperation among member countries comprising 10 ASEAN nations and its six trade partners - India, China, Japan, the Republic of Korea, Australia, and New Zealand.

The minister stated that this mega pact had yet to be completed, as all member nations are yet reviewing the agreement’s rules and schemes.

For the IK-CEPA, Indonesia and the Republic of Korea will ink the pact at the 30th ASEAN-Korea Commemorative Summit in the latter nation.

In the meantime, the Indonesian government also planned to conclude negotiations on the IT-ECA by the end of 2019, he added.

Theo VNA