On August 25, 2021, India’s Trade Minister, Muhammad Lutfi, presented his case to Indonesia’s lower house of parliament for ratification of the Regional Comprehensive Economic PARTNERSHIP (RCEP) trade agreement.
Highlights:
Minister argued in his statement to DPR Commission VI that the RCEP will benefit Indonesia.
In the midst of the covid-19 pandemic, it also promises to strengthen its role in regional supply chains and improve the country’s economic performance.
The Regional Comprehensive Economic Partnership (RCEP) is a between Australia, Brunei, China, Cambodia, Japan, Indonesia, Laos, South Korea, Malaysia, New Zealand, Myanmar, Singapore, Thailand, the Philippines, and Vietnam, which includes Australia, Brunei, China, Cambodia, Japan, Indonesia, Laos, South Korea, Malaysia, New Zealand, Myanmar, Singapore, Thailand, the Philippines, and Vietnam.
The RCEP does not include India or the United States. The 15-member bloc accounts for 30% of the global Population and 30% of the global GDP.