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Jakarta Post

Indonesia eyes double-digit growth in exports, investment through RCEP

  • Dzulfiqar Fathur Rahman

    The Jakarta Post

Jakarta   /   Thu, January 21, 2021   /  09:54 am
The Jakarta Post Image
Representatives of signatory countries are pictured on screen during the fourth Regional Comprehensive Economic Partnership (RCEP) Summit held online during the ASEAN Summit on Nov. 15, 2020.(Courtesy of Trade Ministry/-)

The Indonesian government is expecting the mega deal Regional Comprehensive Economic Partnership (RCEP) to help Indonesia book double-digit growth in exports and investment within five years after it comes into force, a top official has stated. Deputy Foreign Minister Mahendra Siregar said Wednesday the RCEP was estimated to help boost Indonesia’s overall exports by 11 percent and investment by 20 percent within five years after the trade deal takes effect, which is expected to happen in 2022 or 2023, pending the ratification process.

The optimistic outlook is based on the compound annual growth rate of 7.3 percent in Indonesia’s exports to the RCEP markets between 2015 and 2019, according to Mahendra. Moreover, RCEP countries also accounted for around two-thirds of foreign direct investment (FDI) in the country during the same period.