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By APD writer Alice
South Korea’s Ministry of Trade, Industry and Energy said on October 7 that the country and Indonesia plan to hold the 10th round of negotiations for their Comprehensive Economic Partnership Agreement (CEPA) in Bali this week as Asia’s fourth largest economy continues efforts to expand its export portfolio in the Southeast Asian market.
Their negotiations resumed this year after a hiatus of five years. The previous meeting was held in August.
A CEPA is equivalent to a free trade agreement (FTA) but also focuses on a broader scope of economic cooperation beyond trade.
According to the ministry, during the upcoming meeting, South Korea and Indonesia will aim to build the details of the agreement's terms, including products and services not mentioned in the previous negotiations.
In previous negotiations, the two sides agreed on major parts of the CEPA. The upcoming gathering will pave the way for its conclusion.
The RoK has been making efforts to reach a separate deal with Indonesia since 2012, although Seoul also has a free trade agreement with ASEAN.
The East Asian nation is working to clinch FTAs with many ASEAN member countries, including Indonesia, Malaysia and the Philippines. South Korea hopes to reach FTAs with these countries before the RoK -ASEAN summit takes place in November.
The signing of FTAs with Southeast Asian nations is a key goal of the Moon Jae-in government's New Southern Policy, a signature policy that centers on forging deeper ties with emerging nations.
(ASIA PACIFIC DAILY)
