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Indonesia, South Korea sign CEPA to boost trade, investment
The Indonesia-Korea comprehensive economic partnership agreement (IK-CEPA) shows stronger bilateral ties between the two countries after both signed the mega Regional Comprehensive Economic Partnership (RCEP) trade deal.
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Trade Minister Agus Suparmanto speaks at the signing of Indonesia-Korea comprehensive economic partnership agreement (IK-CEPA) with South Korea on Friday. (Courtesy of Trade Ministry/-)
I
ndonesia and South Korea signed on Friday a comprehensive economic partnership agreement that is expected to boost the trade in goods and services, as well as investment, between the two countries.
The Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) is seen as representing broader and deeper bilateral cooperation, after both countries participated in the signing of the mega Regional Comprehensive Economic Partnership (RCEP) trade deal on Nov. 15.
“For Indonesia, concluding the CEPA negotiation with South Korea has long been a priority. South Korea is a strategic partner for Indonesia that offers a lot of potential,” Indonesian Trade Minister Agus Suparmanto said in a virtual press briefing on Friday.
Agus stated that the IK-CEPA was expected to benefit Indonesia especially through better market access for industrial, agricultural, fishery and forestry products in South Korea. It is also aimed at benefiting Indonesian workers.
Read also: Indonesia banks on RCEP for reduced uncertainty in trade
The government also aims to raise the value of trade between Indonesia and South Korea to around US$20 billion annually through the agreement after the trade pact enters into force next year, according to the minister.
“The increases in [trade value] in the coming years are estimated to be between 5 and 10 percent in the beginning,” said Agus.
