South Korea and Indonesia Agree to Increase Trade

  • 22-Sep-2022
  • South Korea and Indonesia Agree to Increase Trade

(ANTARA) Jakarta - Increased trade between Indonesia and South Korea has been agreed upon by Ahn Duk-geun, the South Korean minister of trade, and Zulkifli Hasan, the Indonesian minister of trade.

The preparations for the implementation of the Indonesia-Republic of Korea Comprehensive Economic Partnership Agreement (IK-CEPA) and Regional Comprehensive Economic Partnership (RCEP), the Indonesian G20 Presidency, as well as international supply chain cooperation, have been topics of discussion between the two ministers at bilateral, regional, and international forums.

"We anticipate that the implementation of IK-CEPA and RCEP can boost economic, trade, and investment connections between the two countries to coincide with the 50th anniversary of diplomatic relations between the two countries next year," Hasan expressed in Nusa Dua, Badung, Bali, on Friday. The two nations' cooperation in the spheres of trade and economics will be strengthened.

Also, Hasan stated following their discussion with Ahn on the sidelines of the Trade, Investment, and Industry Ministerial Meeting that Indonesia and South Korea have made significant advancements in the areas of the economy, trade, culture, and intercommunity connectedness, which may be enhanced even further (TII-MM).

On August 30, 2022, the Draft Law (RUU) on IK-CEPA and RCEP was ratified by the government and the House of Representatives (DPR) and became law (UU). Systems and technical rules are now being developed by Indonesia and South Korea in preparation for the two trade agreements.

Ahn, meantime, was pleased with Indonesia's ratification process's advancement. Three trade agreements will be signed on Friday by businesspeople from Indonesia and South Korea, further highlighting the two nations' tight economic ties (September 23, 2022). Cassava, porang, and potato products are popular Indonesian exports.

Further, the three trade agreements that have been signed between South Korean and Indonesian industry representatives deliver tangible proof. The two nations continue to fortify their strategic alliances, particularly in commercial cooperation, despite the world's current state of economic turmoil "Says Hasan.

This is in keeping with the July agreement between South Korean President Yoon Suk-yeol and Indonesian President Joko Widodo on strengthening strategic alliances.

According to Importers Data of Indonesia, the value of commerce between South Korea and Indonesia in 2021 was estimated to reach US$18.41 billion. In the same year, Indonesia imported $9.4 billion and exported $8.9 billion to South Korea. 

As a result, South Korea ranked as Indonesia's sixth import source and seventh export destination. South Korea was ranked as the 7th largest foreign direct investor in Indonesia in 2021 with investments totaling US$1.64 billion over 2,511 projects. 

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