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RCEP to promote Indonesia-China economic ties: Experts

Published : Monday, 23 November, 2020 at 12:00 AM  Count : 122

RCEP to promote Indonesia-China economic ties: Experts

RCEP to promote Indonesia-China economic ties: Experts

JAKARTA, Nov 22: The Regional Comprehensive Economic Partnership (RCEP) is expected to play a large role in promoting economic and trade relations between Indonesia and China, Indonesian experts said.
"We've just fallen into recession and if RCEP is successful in improving economic relations, Indonesia will perhaps be able to climb out of recession through cooperation with China and other bigger economies," Indonesian economic expert Nadhila Ichsan said.
According to Statistics Indonesia (BPS), the state's economic growth experienced a 3.49 per cent contraction in the third quarter of 2020, which brought the country's economy to a recession for two consecutive quarters. In quarter two, Indonesia's economy grew at a rate of -5.32 per cent.
Although the country's economy continued to contract, there was a significant rebounce in exports, especially those to China. The data of BPS showed Indonesia's largest non-oil and gas exports in October 2020 were to China.
People visit a new China Town in Pantjoran PIK, Jakarta, Indonesia, Nov. 18, 2020. The new China Town in north Jakarta opened this month. (Xinhua/Du Yu)
Indonesian Finance Minister Sri Mulyani Indrawati at a press conference said, "The worst is over" and "All components of economic growth, both from the expenditure side and the production side, have increased."
Murpin Josua Sembiring, an economic scholar, opined that the benefits from RCEP include creating opportunities for the Indonesian industry to take advantage of regional value chains, increasing high-quality telecommunication services, and triggering Indonesian investors to invest in the RCEP area.    -Xinhua









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