Indonesia formally requests to join Trans-Pacific trade pact

JAKARTA (Reuters) – Indonesia has formally requested to join the Trans-Pacific trade pact to widen its export markets, its chief economic minister said on Wednesday, according to a report by state news agency Antara.

Indonesia has sent a letter requesting the accession to New Zealand as the depositary for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, said coordinating minister for economic affairs Airlangga Hartarto.

“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 Oct. 20.