Indonesia’s Benefits of Joining RCEP Agreement

The Regional Comprehensive Economic Partnership (RCEP) is one of the largest trade agreements in the region. According to the World Bank (WB), RECP will add 209 billion USD in income per year to the region by 2030. The RCEP agreement includes China, Japan, and South Korea, the largest economies in Asia, helping RCEP to shift the economic weight toward Asia, including 30% of GDP and 27% of global merchandise trade, more than 18% of service trade, and 19% of foreign direct investment (FDI) flows.3. Indonesia is a country that has gained many benefits from signing free trade agreements with Korea and China, especially strengthening and promoting economic cooperation and trade liberalization in the Asia-Pacific region, which plays a major role in promoting world economic growth