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Bangkok Post
Bangkok Post
Business

Indonesia parliament approves membership of China-backed regional trade deal

Indonesia China RCEP Jakarta Asia

JAKARTA: Indonesia's parliament on Tuesday passed a law cementing the country's membership of the China-backed Regional Comprehensive Economic Partnership (RCEP), making it the latest Southeast Asian nation to join the world's biggest trade bloc.

Lawmakers also ratified a bilateral trade pact with South Korea, hoping to attract investment to develop the electric vehicle and batteries industry in the Southeast Asian country.

Indonesian Trade Minister Zulkifli Hasan said the RCEP would boost trade, direct investment and increase the country's GDP growth by 0.07 percentage point.

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