Indonesia urged to consider joining TPP
Indonesia should consider joining the Trans-Pacific- Partnership (TPP) agreement, after 12 countries reached an agreement on the significant trade deal, said the Jakarta Post.
TPP map (Source: internet)According to the Post, Indonesia has yet to see the urgency in joining the TPP. The government was working on an ASEAN-wide free trade agreement instead – the Regional Comprehensive Economic Partnership (RCEP), which is expected to have economic potential as vast as that of the TPP.
However, as Brunei, Malaysia, Singapore and Vietnam have become members of the TPP, and Thailand and the Philippines are also considering joining, so Indonesia should consider it, as well, the Post said.
As a non-member country, Indonesia could be at disadvantage in trade with the US, EU, Canada and Japan compared to other ASEAN countries which are members of the TPP.
The Post suggested Indonesia’s government establish a special unit to evaluate the TPP terms and conditions, particularly on matters regarding to intellectual property rights, labour, environmental laws and investor-state dispute settlement (ISDS) mechanisms.
Provisions to solve disputes require special attention, because they allow investors from TPP’s state members to settle clashes through ISDS mechanisms. Indonesia has strongly opposed eliminating these in investment and bilateral trade agreements.
The TPP involves 12 countries with a total of 808.7 million people – or 12 percent of the world’s population. Their combined GDP is 27.8 trillion USD, or 37 percent of global GDP.-VNA
You should also see
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
See more
World
Thailand, EU hope to sign FTA in mid-2025
Before the Songkran holiday, senior officials from Thailand and the European Union (EU) met in Bangkok to discuss ways to promote their relationship, including the framework of the Free Trade Agreement (FTA), green transformation, and Schengen visa waiver, Thai media has reported.
World
India’s trade deficit with ASEAN widens
India's trade deficit with the Association of Southeast Asian Nations (ASEAN) has more than doubled since the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) in 2010.
World
Malaysia to cut down on petrol subsidies this year
Malaysian Economy Minister Rafizi Ramli has announced that the country will reduce petrol subsidies this year to reduce its fiscal deficit.
World
El Nino thins the only glacier in Indonesia: BMKG
Global warming has played a key role in gradually thinning the glaciers atop Puncak Jaya, Papua, Indonesia, some of the few remaining tropical glaciers in the world, according to Indonesian Agency for Meteorology, Climatology, and Geophysics (BMKG).
World
Thailand welcomes over 10 mln foreign arrivals so far this year
More than 10 million foreign tourists have visited Thailand so far this year, bringing in more than 500 billion THB (13.5 billion USD), the country’s Tourism and Sports Ministry has reported.
