UK Supports Indonesia To Join CPTPP

Coordinating Minister for the Economy Erlangga Hartarto together with the British State Minister for Indo-Pacific at the Foreign Office, Commonwealth & Development, Anne-Marie Trevelyan (doc the Coordinating Ministry)

Coordinating Minister for Economic Affairs Airlangga Hartarto met with the British Minister of State for Indo-Pacific at the Foreign Office, Commonwealth & Development, Anne-Marie Trevelyan by expressing Indonesia's desire to join The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP-TPP) or a comprehensive and progressive agreement for the Trans-Pacific partnership.

CPTPP, also known as TPP-11, consists of 11 countries, a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

This agreement is an extension of the Trans-Pacific Partnership (TPP) which has never been ratified due to the withdrawal of the United States.

In addition, the Eleven members have an economy that represents 13.4 percent of global gross domestic product or around 13.5 trillion US dollars. Meanwhile, CPTPP is one of the largest free trade areas in the world based on GDP.

Airlangga stated that Indonesia's participation is active in various international forms and agreements such as, G20, ASEAN, RCEP, APEC, IORA, IPEF will further open up opportunities for mutual cooperation to benefit and encourage investment.

"From the results of the initial review of the regulation of 30 Chapters of CPTPP, about 70 percent of domestic regulations are in line," said Airlangga in his statement, Wednesday, May 1.

According to Airlangga, this shows that Indonesia has a great opportunity to easily complete the accession process.

At the end of March 2024, the UK agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trading block.

This is the UK's biggest trade deal since Brexit, and joining CPTPP will put Britain at the center of a dynamic and growing Pacific economic group.

Meanwhile, England's experience in joining CPTPP will be a source of learning for Indonesia.

As a large country with strong modality, Indonesia must take broad opportunities for cooperation to encourage the domestic economy to be stronger.

Currently, Indonesia is starting the OECD membership accession process with the support of 38 countries including the UK.

Minister Anne emphasized that Britain supports Indonesia's intention to join the OECD, developed country club and CPTPP.

"We are ready to share experiences and help through the accession process," said Anne.

Anne suggested building a common view, involving businesses to use trade agreements and gain added value in the long term.