Indonesia not keen on joining Trans Pacific Partnership due to trade issues
Jakarta, Indonesia (4E) – Indonesia said it still has not made a full assessment in joining the Trans Pacific Partnership.
TPP is a United States-led regional trade pact but according to an Indonesia it is still studying whether it will gain any benefits from the pact.
Based on the Trans-Pacific Strategic Economic Agreement (P4) between Brunei Darussalam, Chile, New Zealand and Singapore that came into force in 2006, the TPP is currently being considered by 11 countries across the Pacific rim, including South Korea and Japan, with a combined gross domestic product of US$21 trillion and accounting for 30 percent of global output.
It aims to go beyond a regular free trade accord, covering areas usually excluded from trade agreements, including government procurement, and labor, environment and intellectual property standards.
Although TPP leaders aim to conclude the pact by December, major hurdles remain. They include market access issues, such as liberalization of trade barriers on dairy products, sugar and rice, import tariffs on textiles, clothing and footwear, and services trade reforms.