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.
agreement to be reached by the year’s end would allow Indonesia, the
Southeast Asia’s biggest economy, to enjoy maximum benefits by 2016,
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