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.
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.
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
Once ratified by member country parliaments, the newly-reached Trans-Pacific Partnership agreement will open up a new road to the future of cooperation and integration in the region.
Vietnam stands to gain the most among 12 countries concluding the Trans-Pacific Partnership (TPP) deal’s negotiation early this week, said the Los Angeles Times on October 8.
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Vietnam could experience increasing trade deficit in the initial stage of joining into Trans-Pacific Partnership (TPP) due to higher foreign direct investment.
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TPP map (Source: internet)
