Indonesia and the Republic of Korea (RoK) will continue negotiating for the Comprehensive Economic Partnership Agreement (CEPA) at an upcoming meeting scheduled for next week in the Indonesian island of Bali as a bid to conclude the series of talks by the end of this year, local media reported.
The talks, kicked off for the free trade pact in July last year, will set the foundation of modalities for each related sector covering goods, services, and investment, Director General for International Trade Cooperation under Indonesia’s Trade Ministry Iman Pambagyo said.
A successful agreement to be reached by the year’s end would allow Indonesia, the Southeast Asia’s biggest economy, to enjoy maximum benefits by 2016, Pambagyo said.
Bilateral trade between Indonesia and the RoK was 27.02 billion USD last year, down by 8.06 percent from 2011.
In recent years, RoK firms have been massively expanding to Indonesia. Last year, RoK direct investments in the country reached a record high of 1.95 billion USD with 421 projects.-VNA