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Indonesia, Australia hopeful to conclude RCEP negotiations in November
The RCEP is on a scale similar to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), whose 11 members – excluding the US, which pulled out in January 2017 – contribute 13 percent to the global economy.
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The RCEP is on a scale similar to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), whose 11 members – excluding the US, which pulled out in January 2017 – contribute 13 percent to the global economy. (JP/Asmara Wreksono)
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ndonesia and Australia have expressed optimism that the Regional Comprehensive Economic Partnership (RCEP), a landmark trade deal between ASEAN countries and six major economies, will be concluded in November, with the agreement 82 percent complete.
The Trade Ministry’s director general for international trade negotiations, Iman Pambagyo, said negotiators had agreed on 185 of 225 agreements in the deal, with each agreement covering one of three areas, namely investment, services and goods.
Thirty-two agreements were in the yellow, which means the negotiators were nearing an agreement, while eight were in the red, meaning negotiators were unable to reach an agreement and thus ministerial-level dialogue was required.
Imam said the participating countries aimed to conclude negotiations by November this year and sign the trade deal by the same month next year. In between that time frame, the countries would deal with technicalities such as translation and legal wording.
“Since [our most recent meeting] last weekend, I have been very optimistic – even more optimistic than before – that the RCEP will stay at 16 parties [until the signing date],” he said in Jakarta on Tuesday.
The RCEP is an ambitious trade deal involving six multilateral deals between ASEAN member countries and Australia, China, India, Japan, New Zealand and South Korea.
Indonesia first proposed the RCEP to ASEAN members in 2011, back when the country chaired the association, and has been coordinating negotiations ever since. Talks between ASEAN and the six other participating countries began the following year.
