Indonesia has formally requested to join the Trans-Pacific trade pact to widen its export markets.
The news was revealed by state news agency Antara, which quoted remarks by its chief economic minister on Wednesday.
Indonesia has sent a letter requesting accession to the pact to New Zealand, which acts as the depositary for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, coordinating minister for economic affairs Airlangga Hartarto said.
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“This is a decision we take … to structurally reform our economy and open up market access for Indonesia’s economy,” Airlangga said.
Jakarta announced its intention to join the free-trade agreement that already groups 12 countries in May, hoping to attract investment by widening export market access.
CPTPP members are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United Kingdom and Vietnam.
Indonesia’s President-elect Prabowo Subianto supported the request, Airlangga said. Prabowo will take over from outgoing President Joko Widodo on October 20.
The CPTPP was signed by the 11 countries in March 2018 in Santiago, Chile, and entered force near the end of that year. The United Kingdom requested accession to the group in 2021 and signed the CPTPP protocol enabling it to join in 2023.
- Reuters with additional editing by Jim Pollard
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