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Keeping Indo-Pacific Peace and Prosperous

In: Indonesia's International Economic Strategies

Author

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  • Kiki Verico

    (University of Indonesia)

Abstract

Geoeconomic of the Indo-Pacific in static or dynamic mode has changed in the last 70 years. The dominant share of the USA’s economy to the world’s economy has decreased while the share of China increased significantly. This changing pattern has moved geopolitical gravity in the region. The USA and China relationship is the central power for Indo-Pacific stability. The so-called middle-power countries in the area consist of the ROK, Indonesia, and Australia. These three countries play an important role in stabilizing the geopolitical gravity of the Indo-Pacific (Verico in How Indonesia sees the Indo-Pacific economic architecture, 2021). The economic relationship between Indonesia and ROK (I-K CEPA) and Indonesia and Australia (I-A CEPA) is strategic and essential. These bilateral economic relationships are the building block for Indo-Pacific cooperation. As this middle power is part of the mega-regional cooperation of the RCEP (Regional Comprehensive Economic Partnership) and given the RCEP is ASEAN's centred mega-regional organization, the role of ASEAN is vital for Indo-Pacific's geopolitical and geoeconomic stability. The fundamental principle of ‘unconditional free’ is necessary for Indo-Pacific’s neutrality aims. ASEAN adopts and applies a practical approach to economic benefits in the context of Indo-Pacific cooperation. It adopts an inclusive principle to complete the free principle. The sufficient conditions are open and convergent principles. The first principle is essential in the economic transformation process from intra-trade to intra-investment cooperation with the economic community. The latter principle is vital for achieving the common market. This chapter shows the trilateral economic relationship between Indonesia, the ROK, and Australia completes the solid and progressive integration of the RCEP. Moreover, this strong RCEP will complete the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership). These two mega-regionalisms are essential in balancing and securing Indo-Pacific's peace and prosperity.

Suggested Citation

  • Kiki Verico, 2023. "Keeping Indo-Pacific Peace and Prosperous," Springer Books, in: Indonesia's International Economic Strategies, chapter 0, pages 213-230, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-8458-9_8
    DOI: 10.1007/978-981-99-8458-9_8
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