Fashion
The Indonesian government has said it will not be in a hurry to seek membership of the US-led Trans-Pacific Partnership (TPP) trade deal following the election of Republican Donald Trump as the country’s president.
The decision was made considering Trump’s promise on the campaign trail to scrap the TPP, a multinational trade deal between the US and countries in the Asia-Pacific.
“We are still calculating the costs and benefits of the TPP. This kind of agreement requires thorough negotiation and recently the discussion was getting stressful,” Trade Minister Enggartiasto “Enggar” Lukita said on Friday during a media briefing in Jakarta.
He explained that problems persisted because each country had its own “ego” in expressing its needs through the mega trade deal.
President Joko “Jokowi” Widodo expressed his intention to join the 12-member trade bloc last year.
The TPP, which covers 40 percent of global gross domestic product (GDP), was signed by Brunei Darussalam, Canada, Australia, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore the US and Vietnam.
The trade deal has not been ratified by the US Congress.
