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Indonesia says expects RCEP trade pact to be signed on Sunday

Published 11/10/2020, 05:55 PM
Updated 11/10/2020, 06:00 PM
© Reuters.

JAKARTA, Nov 10 (Reuters) - Indonesia expects the world's
largest trade pact involving 15 countries in Asia Pacific will
be signed during a virtual leaders summit at the weekend, the
country's trade minister said on Tuesday.
Leaders of the 10-member Association of Southeast Asian
Nations (ASEAN), China, Japan, South Korea, Australia and New
Zealand are scheduled to conclude talks on the Regional
Comprehensive Economic Partnership (RCEP) at a summit on Nov.
15, said Indonesian Trade Minister Agus Suparmanto.
"On Nov. 15, 2020, the mega free-trade agreement RCEP will
be signed," he told reporters, adding that the "strategic" deal
should boost his country's exports to other signatory countries.
Airlangga Hartarto, Indonesia's coordinating minister for
economic affairs, said the RCEP could help countries in the
region accelerate their economic recovery from the current
downturn brought about by the coronavirus pandemic.
The 15 countries, which account for 29% of global gross
domestic product, agreed on RCEP terms last year, setting up the
path for the deal to be signed this year. India pulled out of talks last year, worried that the
elimination of tariffs would open its markets to a flood of
imports that could harm local producers. Other countries have
said the door remains open for New Delhi.
After the signing, all countries would have to ratify the
RCEP within two years before it becomes effective, Indonesia's
trade minister said, adding that Jakarta would use the time to
prepare businesses to take full advantage of the deal.

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