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Indonesia Highlights: Terawan Putranto's WHO Invitation | National Economy at a Turning Point | Trade Ministry to Finalize RCEP

November 7, 2020, 03.35 AM

The national economy contracted 3.49 percent in Q3, marking the country’s start of a recession, having slightly improved from a contraction of 5.32 percent in Q2.

An uptick in tax collection during Q3 added more optimism to Indonesia’s journey of economic recovery.


3. Indonesia’s Trade Ministry to Push for Completion of RCEP

Indonesia’s Ministry of Trade is aiming to finalize and sign the Regional Comprehensive Economic Partnership (RCEP) by next week in line with the original target to have everything completed in November 2020.

RCEP is a free trade agreement between the 10 ASEAN members together with China, Japan, South Korea, Australia, and New Zealand.

There has been a greater urgency to finalize the RCEP because of the coronavirus pandemic. The completion would protect the open market mechanism, improve the integration of the regional market, and support economic recovery stemming from the pandemic.

RCEP is one of the biggest free trade agreements in the world covering 47.4 percent of the global population, 32.2 percent of the global economy, 29.1 percent of global trade, and 32.5 percent of global investment.


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