Indonesia to Sign Regional Comprehensive Economic Partnership in 2020 to Overcome COVID-19-Induced Economic Downturn

June 25, 2020

Indonesia and 14 other countries agreed on the 23rd of June 2020, to establish a Regional Comprehensive Economic Partnership (RCEP) in 2020 to enable their economies to rebound from the slowdown caused by the COVID-19 pandemic. According to local media reports, the negotiating countries account for approximately 30% of the global gross domestic product, and if signed, the trading deal would create one of the largest economic blocs globally.

According to Iman Pambagyo, who has led the RCEP trade negotiating committee since 2013, the content of the agreement has been agreed by the countries and the deal is expected to be signed in November 2020, upon completion of on-going legal reviews.