ASEAN, Partners Agree on Liberalization

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  • Asean Senior Economic Officials di Myamnar.

    Asean Senior Economic Officials di Myamnar.

    TEMPO.CO, Jakarta - ASEAN countries and their dialogue partners China, Japan, South Korea, India, Australia, and New Zealand discussed the Regional Comprehensive Economic Partnership (RCEP). In the negotiation that took place in Naypyidaw, Myanmar on Wednesday, August 27, the countries agreed on an RCEP with moderate level of liberalization.

    "For the trade in goods sector we agree on a mid-level ambition, something we are confident of running," Trade Minister Muhammad Lutfi, leader of the Indonesian delegates, said shortly after the negotiations. Liberalization in a moderate level means that the number of goods has tariffs that cover less than 90 percent of the goods.

    In goods trade sector, ASEAN and its partners also agreed to facilitate under developed countries such as Cambodia, Laos, Myanmar, and Vietnam.

    According to Minister Lutfi, liberalization is a world economic trend. Countries that are not connected to the world market have lower levels of poverty eradication compared to interconnected nations. That's why liberalization will make the market more efficient. "But excessive liberalization also has a risk of unshaped industry," he said.