Jakarta: The Regional Comprehensive Economic Partnership (RCEP) Agreement entered into force for Indonesia on January 2. RCEP is the largest trade bloc in history.
The preferential tariffs under the agreement can now be utilised by the private sector who are exporting to and/or importing from Indonesia. Additionally, the private sector can take advantage of the simplified rules of origin and trade facilitation in their business activities involving Indonesia.
"The entry into force of the RCEP Agreement on 2 January 2023 is timely to mark the beginning of Indonesia’s ASEAN Chairmanship in 2023. Indonesia has been the driving force in RCEP since the conceptualisation phase, and we hope more milestones, such as the establishment of the RCEP Support Unit, can be achieved during Indonesia’s ASEAN Chairmanship this year," said Satvinder Singh, Deputy Secretary-General for the ASEAN Economic Community, in a media release on Wednesday.
Indonesia is the largest economy in ASEAN and the fifth largest among the RCEP parties. Its economy grew by 3.7% in 2021 to US$1.186 trillion, making up 4% of the combined GDP of RCEP economies. The World Bank projected Indonesia’s economy to grow by 5.2% in 2022 and 4.8% in 2023.
The RCEP Agreement was signed in November 2020 by 15 countries including the 10 ASEAN Member States, Australia, China, Japan, Korea, and New Zealand.
Previously, the RCEP Agreement entered into force in January 2022 for Brunei Darussalam, Cambodia, Lao PDR, Singapore, Thailand, Vietnam, Australia, China, Japan, and New Zealand; in February 2022 for Korea; and in March 2022 for Malaysia.
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