Indonesia Targets Export Growth in BRICS and CPTPP Markets

April 26, 2025 | 11:50 am

TEMPO.CO, Jakarta - Coordinating Minister for the Economy Airlangga Hartarto stated that Indonesia is opening export opportunities to BRICS (Brazil, Russia, India, China, South Africa) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member countries. This is done to anticipate the impact of the United States' import tariffs.

"Indonesia has recently joined BRICS, providing access to new markets, and Indonesia's accession to CPTPP," said Airlangga in a virtual press conference on Friday, April 25, 2025. According to him, Indonesia's membership in BRICS and the process of accession to CPTPP will open new markets such as the UK, Mexico, and some countries in Latin America.

Indonesia has been a member of BRICS since January 6, 2025. BRICS was established to challenge the world order dominated by the United States and its Western allies. Meanwhile, CPTPP consists of 11 countries, namely Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Indonesia is currently in the process of proposing accession to join this economic agreement.

In addition to CPTPP, Airlangga mentioned Indonesia's target to finalize cooperation in the Indonesia-European Union Comprehensive Economic Partnership Agreement (IEU-CEPA).

"We have communicated with the commissioners in IEU-CEPA, and they are currently very open and eager to have this CEPA finalized," he said. Airlangga stated that Indonesia will prioritize bilateral and multilateral cooperation to open new markets.

On the same occasion, Finance Minister Sri Mulyani Indrawati revealed that the 10 percent import tariffs imposed by the United States have decreased cross-border shipments. Sri Mulyani stated that the Finance Ministry has analyzed to identify commodities with a Revealed Comparative Advantage (RCA) above one, making them competitive for trade.

"We will convey this to Pak Menko so we can discuss together what can be done to encourage national industries with a strong Comparative Advantage. So they can penetrate not only the American market but also other markets," said Sri Mulyani.

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