Indonesia Seeks Entry into Major Trade Pact, Welcomed by Canada
Jakarta, Indonesia – Indonesia has formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a move welcomed by key members like Canada. This ambitious step could significantly reshape Indonesia’s trade landscape and boost its economy.
Mary Ng, Canada’s Minister of Export Promotion, International Trade, and Economic Development, expressed Canada’s strong support for Indonesia’s bid. Speaking at the Canada Trade Mission event in Jakarta, she stated, “As the Chair of CPTPP 2024, I am very pleased that Indonesia has applied to join this trade agreement.”
Ng emphasized that while Indonesia is a strong candidate, the final decision rests with all CPTPP member countries. "We are confident that Indonesia is a good candidate, but the final decision rests with all CPTPP member countries,” she added.
Indonesia’s move toward CPTPP membership comes after submitting its official application to New Zealand, the depositary country for the agreement. Former Coordinating Minister for Economic Affairs Airlangga Hartarto confirmed the submission in September 2024. This application is seen as a crucial step in Indonesia’s broader economic strategy, which includes aspirations to join the OECD.
The potential benefits of CPTPP membership are significant. Indonesia expects increased exports and trade with CPTPP member countries, potentially leading to a 10% bump in exports alone. "[The incoming government] has instructed us to immediately initiate the accession process,” said Hartarto, highlighting the importance of this trade deal for the future administration.
He anticipates the rigorous standards associated with CPTPP membership will drive positive domestic economic reforms. In addition, access to new markets, particularly in Latin America, could open up valuable opportunities for Indonesian businesses.
As Indonesia sets its sights on CPTPP membership, the world watches closely. This development could signal a major shift in the global economic landscape and underscore Indonesia’s commitment to becoming a key player in international trade.
[Image/Video of Canada Trade Mission Event]
[Image/Video of Indonesian Goods]
Editor’s Note: To dive deeper into the Canada-Indonesia partnership, check out our article on the recently concluded Indonesia-Canada Comprehensive Economic Partnership Agreement: [Link to Article]
