Indonesia yet to apply for Singapore-backed trade coalition 

JAKARTA, Indonesia (MNTV) – A senior minister says that Indonesia is yet to lodge an application to join the Singapore-backed FIT trade coalition, reports Jakarta Globe.

The freshly minted FIT – short for the Future of Investment and Trade Partnership – is a multi-regional group of countries that aims to address trade-related issues for greater growth. 

Two fellow ASEAN members, Singapore and Brunei Darussalam, founded the group in September this year, alongside twelve other countries that extend even to the Middle East. 

Chief Economic Affairs Minister Airlangga Hartarto reconfirmed Indonesia’s interest in adding FIT to its long list of trade clubs. However, Southeast Asia’s biggest economy has not officially begun its membership bid.

Asked about the likely date of accession, Airlangga said: “Well, we can join the coalition soon, right after we send the application letter.”

The founding members of the group include Brunei Darussalam, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Singapore, Switzerland, the United Arab Emirates, and Uruguay.

When the FIT club took shape, their joint ministerial declaration showed they would prioritize supply chain resilience.

The FIT Partnership, not long ago, officially brought Paraguay and Malaysia into its fold. Indonesia first unveiled interest in the 16-strong FIT Partnership when it attended the group’s ministerial meeting as an observer last month. 

Indonesia was pushing for paperless trade, which it believed could supercharge “efficiency, transparency, and inclusivity.”

“We view FIT as a platform that can harmonize standards, strengthen cybersecurity, and empower micro and small enterprises to access global markets. Indonesia is considering becoming a member,” Airlangga, who represented Jakarta at the talks, said at the time.