• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Indonesia Officially Lodges Application to Join Trans-Pacific Trade Pact
Finance

Indonesia Officially Lodges Application to Join Trans-Pacific Trade Pact

September 26, 2024No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Indonesia Officially Lodges Application to Join Trans-Pacific Trade Pact
Share
Facebook Twitter LinkedIn Pinterest Email

Indonesia has officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in a bid to increase its exports, a senior minister said yesterday.

Airlangga Hartarto, the coordinating minister for economic affairs, said that his ministry had handed over its official letter of application to New Zealand, which, as the “depositary” of the CPTPP, is responsible “for various tasks including receiving and circulating specified notifications and requests made under the Agreement.”

Indonesia’s membership bid was “aimed at driving structural reform in the country and opening markets for Indonesia’s economy,” he said in a press conference in Jakarta yesterday, according to the state news agency Antara. “Imports and exports will increase and eventually will increase trade between CPTPP member countries,” he added.

Airlangga said that President Joko “Jokowi” Widodo had pushed for Indonesia to join the 11-member pact, but that the decision was also supported by President-elect Prabowo Subianto, who will be sworn into office next month.

The CPTPP started life as the Trans-Pacific Partnership, which was spearheaded by the United States under President Barack Obama before his successor Donald Trump pulled the U.S. out of the agreement in 2017. The pact currently comprises 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom, and Vietnam.

In addition to Indonesia, seven countries, including China and Costa Rica, have expressed interest in becoming CPTPP members. The United Kingdom is the first nation to join the pact since the American withdrawal; it is set to accede to the treaty once it is ratified by its parliament and each member nation, something that is expected to happen by December of this year.

See also  Dallas Fed President Logan says current data doesn't justify pausing rate hikes yet

Jakarta announced its intention to join the pact in May, hoping to attract investment by widening export market access.

Boasting a young and growing population that has a pressing need for economic opportunity, Indonesia under Jokowi has actively courted foreign investment. His administration has set a goal of becoming an advanced economy by 2045, when it will mark the centennial of its independence – a project that the Jokowi administration has termed “Indonesia Emas,” or Golden Indonesia.

To support its domestic economic goals, it has prioritized joining multilateral trade pacts. In November 2022, it ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, which includes all 10 ASEAN member states, Australia, New Zealand, China, Japan, and South Korea. The agreement then entered into force in January 2023.

In February of this year, the Organization for Economic Cooperation and Development (OECD) announced that it would also open accession talks with Indonesia, after receiving the approval of the group’s 38 members. While the OECD membership criteria are strict, and run against the grain of the protectionist policies that have marked Jokowi’s decade in office, if admitted, Indonesia would become the first nation from Southeast Asia to join what is often referred to as a “rich country club.”

Requesting entry into the CPTPP reflects Jakarta’s intention to leave no stone unturned in its pursuit of augmented trade and investment that can help develop the economy and support the current dominant political dispensation. While the CPTPP’s membership criteria are arguably less stringent than those of the OECD, they are also likely conflict with certain elements of Indonesian economic policy, particularly Jakarta’s willingness to use the power of the state to protect local industries and maintain political and economic stability. This includes its complex register of energy subsidies and its industrial policy around nickel mining and processing.

See also  'It will undress problems in the economy’

If admitted, however, membership would undoubtedly strengthen Indonesia’s position on the global stage as the first Association of Southeast Asian Nations (ASEAN) country in the G-20 to become a member of the CPTPP. In Southeast Asia, Thailand and the Philippines have also expressed an interest in joining the pact. Together, these current and prospective members include seven of the 10 members of ASEAN, including six of its largest economies.

Application Indonesia join Lodges Officially Pact trade TransPacific
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Trump Admin Ready To Provide Another Round Of Financial Aid To Farmers Impacted By China Trade War

April 28, 2025

‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal

April 24, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

North Carolina Restricts Gender-Affirming Care After Overriding Governor’s Veto—Here Are All The States With Similar Bans Or Restrictions

August 17, 2023

German authorities looking into possible data protection violations by Tesla -newspaper

May 26, 2023

Swing State Lawmaker Launches Bid To Unseat Dem Congresswoman In 2024

August 21, 2023

Fueling Recovery for Lasting Change

November 16, 2024
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

You—Yes, YOU!—Fund CNN and Disney. You Okay with That?

June 11, 2023

What’s Next Following The Collapse Of Silicon Valley Bank

March 14, 2023

How CBD Can Dramatically Improve Your Sex Life?

July 29, 2024
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.