Indonesia Requests to Join Trans-Pacific Trade Pact

JAKARTA (Reuters) – Indonesia has formally requested to join the Trans-Pacific trade pact to widen its export markets, according to its chief economic minister on Wednesday, as reported by the state news agency Antara.

Indonesia has sent a letter requesting accession to New Zealand, the depositary for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said coordinating minister for economic affairs Airlangga Hartarto.

“This is a decision we take … to structurally reform our economy and open up market access for Indonesia’s economy,” Airlangga stated.

Jakarta announced its intention to join the free trade agreement, which already includes 12 countries, in May. The aim is to attract investment by expanding export market access.

CPTPP members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom, and Vietnam.

Indonesia’s President-elect, Prabowo Subianto, has supported the request, according to Airlangga. Prabowo is set to take over from outgoing President Joko Widodo on October 20.