AEC Feed

Indonesia could lose US$20 billion (Bt 693 billion) of potential trade if it decided not to join the Trans-Pacific Partnership (TPP) — a trade pact between the US and 11 other Pacific Rim countries, including Malaysia, Singapore, Brunei, Japan and Vietnam, an official has said.

At the opposite end, Indonesia could benefit from US$26 billion of trade by participating in the pact, the Trade Ministry's head of trade policy research and development, Tjahya Widayanti, said in Jakarta on Wednesday.
A study conducted by the Australia Indonesia Partnership for Economic Governance (AIPEG) also estimated that Indonesia would lose $306 million from the trade market if it did not join the TPP, as a “trade diversion” from Indonesia to neighboring TPP member countries, such as Vietnam, Brunei and Malaysia.
"If we join the TPP, there will be additional potential trade of US$26 billion, with additional exports of US$2.9 billion. In addition, we would also become the fourth biggest contributor to the TPP," Tjahya said at a discussion on the TPP.
The top three TPP contributors are Japan, the US and Vietnam.—The Jakarta Post

Singapore launches roadmap
to transform food services
Singapore’s Food Services Transforma-tion Map, first of 23 industry-specific road maps, was launched yesterday.
These road maps are designed to |promote the growth and competitiveness of Singapore's key industries.
"We are bringing together our initiatives for productivity, innovation, SkillsFuture |and enterprise internationalisation for |each industry, to ensure maximum |effectiveness and impact," said Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies.
He was speaking at the opening of Select Group's corporate headquarters and the launch of the food services industry transformation map.
The critical issues facing the industry are those of raising productivity and reducing reliance on manpower, Spring Singapore said in a media release. The food services industry contributes to 0.8 per cent of GDP but employs about 160,000 workers - a disproportionate 4.5 per cent of Singapore's workforce. —The Straits Times