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Jakarta Post

RCEP ray of hope amid gloomy economic forecast: Economists

  • Eisya Eloksari

    The Jakarta Post

PREMIUM
Jakarta   /   Fri, November 1, 2019   /  06:40 pm
The Jakarta Post Image
A container ship docks at Terminal Island in the Port of Los Angeles in the United States on Jan. 30. (Reuters/Mike Blake)

Economists have expressed optimism the Regional Comprehensive Economic Partnership (RCEP) can help mitigate the damaging effects of escalating trade tensions that have cast gloom over the future of the global and domestic economies. It is hoped the RCEP, a proposed free trade agreement between the 10 member states of ASEAN and its six free trade agreement (FTA) partners, will put Indonesia in a stronger position to handle the fallout of the ongoing trade war between the United States and China, the world’s two largest economies. Together, ASEAN’s 10 member countries and its six FTA partners — Australia, China, India, Japan, New Zealand and South Korea — account for roughly 45 percent of the world’s population and 40 percent of global trade, with a combined GDP of US$21.3 trillion, making the RCEP a highly lucrative deal. “When ASEAN talks ...