Yonhap News Agency - 12 December 2023
S. Korea, Indonesia discuss ways to improve bilateral free trade deal
By Kang Yoon-seung
South Korea and Indonesia held their first round of talks to discuss measures to improve their bilateral free trade agreement and review its progress, the trade ministry said Tuesday.
The meeting held in Bali, Indonesia, came around a year after the two countries implemented the Comprehensive Economic Partnership Agreement (CEPA) in January, according to the Ministry of Trade, Industry and Energy.
The CEPA is a type of free trade agreement, which emphasizes a broader scope of economic cooperation and exchanges on top of market opening.
During the joint committee meeting, South Korea and Indonesia discussed ways to further bolster trade and remove obstacles, including adopting an electronic exchange system for certificates of origin.
"Through the joint committee, we hope to establish a channel for close bilateral cooperation, allowing people and companies of both countries to benefit from the CEPA in a wide array of areas," FTA Policy Planning Director Ahn Chang-yong said.
Indonesia is the fourth-largest trade partner of South Korea in Southeast Asia, with the combined amount of trade soaring 35 percent on-year to reach US$26 billion in 2022.