Betwin4D – RCEP ratification is targeted for completion in the first quarter of 2022, what does it contain?

Betwin4D – The government targets that the ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement can be completed in the first quarter of 2021.

Coordinating Minister for Economic Affairs Airlangga Hartarto explained that RCEP is the largest regional trading block agreement in the world which covers 30% of the world’s Gross Domestic Product (GDP), 27% of world trade, 29% of foreign direct investment (FDI), and 29% of the total population. world.

Betwin4D – RCEP also began to be implemented on January 1, 2022 and several ASEAN member countries have ratified, including Brunei Darussalam, Cambodia, Laos, Thailand, Singapore, and Myanmar. As well as five other partner countries, namely China, Japan, Australia, New Zealand, and South Korea.

Unfortunately, Indonesia, as the initiator and chairman of the RCEP negotiations, has yet to ratify it. Because at the parliamentary level, the RCEP has not yet been ratified.

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“The ratification is being processed in parliament and at Commission VI has been completed and the next discussion remains to be ratified in the plenary. So that in the first quarter (2022) RCEP is expected to have been ratified in Indonesia,” explained Airlangga in a press conference, Friday (12/31/2021) .

Betwin4D – Airlangga explained, this RCEP is a further consolidation of the ASEAN+1 free trade agreement (FTA) including Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The ASEAN+1 countries then established trading partners with China, Korea, China, Japan, Australia, and New Zealand.

“With modern characteristics which include updates from the ASEAN + 1 cooperation, it is adapted to the current situation and complements the regulations of the WTO (World Trade Organization),” said Airlangga.

Airlangga further explained that this is comprehensive, high quality and mutually beneficial. It consists of 20 Chapters, 17 Annexes, and 54 commitment schedules for a total of 14,367 pages.

The RCEP itself has been signed on November 15, 2020, where the agreement contains market access consisting of trade in goods, trade in services, investment, and the movement of individuals.

As well as covering the cooperation of Small and Medium Enterprises (SMEs), and economic and technical cooperation. “Then in terms of regulations, one of which is related to intellectual property and business competition.”

In detail, the contents of the RCEP agreement are within the scope of the rules, namely, trade restoration, provisions on origin of goods, customs and trade facilities, sanitation and phytosanitary, trade standards, intellectual property, business competition, e-commerce.

There are also regulations for the procurement of government goods and services and dispute resolution.

The implementation of the RCEP agreement itself, said Airlangga, was not carried out directly, but gradually in accordance with the agreement. In the first stage or 2022, the exemption from import duty rates is 65%.

Furthermore, 10 years later, the exemption from import duty rates was increased by 15% to 89%. Then again increased to 87% in the next 15 years, to 92% in the next 20 years.

“With this RCEP, Indonesia has additional market access, especially to China, South Korea, and Japan, which so far have not been obtained from the ASEAN+1 agreement,” explained Airlangga.