President Joko 'Jokowi' Widodo and his South Korean counterpart, Moon Jae-in, pictured during their meeting on the sidelines of the G-20 Summit in Osaka, Japan, on Friday. (Photo courtesy of the Ministry of Foreign Affairs)

Indonesia, South Korea Agree to Conclude Trade Talks Soon

BY : NUR YASMIN

JUNE 29, 2019

Jakarta. Indonesia and South Korea have agreed to wrap up negotiations on bilateral and regional trade deals by the end of this year.

The agreement was reached in a meeting between President Joko "Jokowi" Widodo and his South Korean counterpart, Moon Jae-in, on the sidelines of the Group of 20 Summit in Osaka, Japan, last week, Indonesian Foreign Minister Retno Marsudi said in a statement.

"We agreed to conclude discussions on the Indonesia-Korea Comprehensive Economic Partnership Agreement [IK-CEPA] and Regional Comprehensive Economic Partnership [RCEP] by the end of this year," Retno said. The two countries seek to increase bilateral trade to $30 million by 2022 under the IK-CEPA.

South Korea also welcomed the Asean Outlook on Indo-Pacific, adopted during the 34th summit of the Association of Southeast Asian Nations in Thailand on June 22. The agreement seeks to promote cooperation between all countries bordering the Indian and Pacific oceans, based on openness and respect for international law.

"President Jokowi introduced Asean's approach to conflict resolution in the Indo-Pacific region to the South Korean president, who expressed his support for the concept," the minister said.

President Moon also congratulated Jokowi on his re-election.

The presidents further discussed industrial cooperation, as part of an agenda raised during Jokowi's visit to Seoul in September last year.

"They discussed cooperation on strategic industries and South Korean investment in Indonesia, such as in the entertainment, garment and other [industries]," Retno said.

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