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Economy in brief: RI, Korea to resume talks on CEPA by mid-year
Indonesia plans to wrap up talks on a comprehensive economic partnership agreement (CEPA) with South Korea by mid-year
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ndonesia plans to wrap up talks on a comprehensive economic partnership agreement (CEPA) with South Korea by mid-year.
Trade Minister Rachmat Gobel said Monday that his office was preparing for the resumption of the negotiations. 'The President has agreed to continue discussions on the CEPA during his recent visit to South Korea. We expect it can start again in June or July this year,' he told reporters at his office, referring to President Joko 'Jokowi' Widodo.
Kicking off in 2012, the negotiations stagnated mid-last year after both parties disagreed over some key issues, such as tariff cuts and investment. The trade pact aims to further cut 1,051 tariff lines uncovered by the ASEAN-South Korea free-trade deal.
Since the first round of negotiations in July 2012, Indonesia has made it clear that it targets higher Korean investment from the trade deal, which is expected to boost bilateral trade to US$100 billion by 2020.
