TheJakartaPost
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India, which had sought concessions on agriculture, had blocked the extension but reversed course after a request from host United Arab Emirates, leaving the two-year extension as the only significant outcome from the meeting.
Chinese social media app TikTok’s reentry into the Indonesian e-commerce market, through its purchase of a 75 percent stake in homegrown e-commerce platform Tokopedia, means entities with majority foreign ownership now command about 86 percent of the local e-commerce market.
Chinese tech firm ByteDance’s social media subsidiary TikTok has bought a controlling stake in Tokopedia, Indonesian tech company GoTo Gojek Tokopedia’s electronic commerce (e-commerce) platform. The corporate action led to the reentry of TikTok’s integrated online shopping service TikTok Shop after it was booted from Indonesia by a ministerial regulation that bans social commerce (s-commerce). The transaction looks set to be a major shift in the Indonesian online retail market, but it also raised concerns about foreign firms’ domination.
