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Jakarta Post

Indonesia, Australia hopeful to conclude RCEP negotiations in November

  • Norman Harsono
    Norman Harsono

    The Jakarta Post

PREMIUM
Jakarta   /   Tue, October 22, 2019   /  08:16 pm
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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)

Indonesia 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...