Indonesia formally applies to join Trans-Pacific trade pact Reuters

JAKARTA (Reuters) – Indonesia has formally applied to join the Trans-Pacific Trade Pact to expand its export markets, its chief economy minister said on Wednesday, according to a report by state news agency Antara.

Indonesia has sent a letter requesting New Zealand to join as depositary of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Coordinating Minister for Economic Affairs Airlangga Hartarto said.

“This is a decision we are making … 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 expanding 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 incumbent President Joko Widodo on October 20.