The Regional Comprehensive Economic Partnership (RCEP) will augment the flow of investment into Indonesia by over 20 percent, according to Deputy Foreign Affairs Minister Mahendra Siregar.
"RCEP is a vehicle to increase Indonesia's role and contribution in world trade and investment," Siregar remarked during a webinar on RCEP here on Wednesday.
According to Siregar, RCEP will have a positive impact, including a rise in exports, and the gross domestic product (GDP) that is expected to increase in the next decade.
Over 60 million micro- small-, and medium-scale enterprises also stand to benefit from RCEP.
"In parallel, the government has approved the law on job creation. This law is a crucial element to address investment-related issues. Hence, RCEP and the law on job creation must be utilized as a momentum to bring about sustainable economic recovery this year," he affirmed.
The minister noted that the trade deal will facilitate national businesses, as they would only require one Certificate of Origin (COO) to export their products to all RCEP countries.
RCEP is the locomotive for the global economy for the subsequent one to two decades. It will also make Asia a locomotive for the world’s economic growth, Siregar remarked.
"Asia has become the producer, market, and motor for the world economy. Hence, Indonesia must benefit from the RCEP to increase its exports. This is because most Indonesian export destinations are currently RCEP countries," he explained.
Deputy Chairman of the Indonesian Chamber of Commerce and Industry (Kadin) Shinta Kamdani stated that Indonesia’s contribution to international trade was still limited, as the country had yet to maximize its global market potential to boost its economic growth.
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