Indonesia, South Korea to complete trade talks

south-korea-busanSouth Korea and Indonesia on October 12 agreed to complete negotiations on an economic pact that includes free trade provisions by the end of the year.

Visiting South Korean President Park Geun-hye said that a “comprehensive economic partnership” agreement would help the two countries “institutionalise bilateral economic co-operation.”

“We agreed to conclude the negotiations by the end of this year,” she said after talks with her Indonesian counterpart Susilo Bambang Yudhoyono.

In 2012, the two countries began negotiating the agreement, which would not only involve reducing trade barriers and market opening but also industrial cooperation and investment.

South Korea is the third-largest investor in Indonesia, with new investment reaching $1.9 billion last year, according to official data.

Indonesia is also a major buyer of South Korea’s military hardware, including submarines and T-50 Golden Eagle supersonic trainer jets.

“We are confident that Korean investment in Indonesia will continue to contribute to Indonesia’s economic growth,” said Hatta Radjasa, Indonesia’s coordinating minister for the economy.

Trade between Indonesia and South Korea rose to nearly $30 billion last year, from $14.9 billion in 2007, the government said.

Yudhoyono said the two countries aimed to increase trade to $50 billion by 2015 and $100 billion by 2020.

Meanwhile South Korea said it has agreed with Indonesia to sign a bilateral, three-year currency swap deal worth up to $10 billion, which could help Jakarta better defend the rupiah hit by capital flight.

Either of the two Asian countries can swap 10.7 trillion won for 115 trillion rupiah or vice versa under the deal, which South Korea said was agreed between finance ministers and central bank chiefs in Washington.



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South Korea and Indonesia on October 12 agreed to complete negotiations on an economic pact that includes free trade provisions by the end of the year. Visiting South Korean President Park Geun-hye said that a “comprehensive economic partnership” agreement would help the two countries “institutionalise bilateral economic co-operation.” “We agreed to conclude the negotiations by the end of this year,” she said after talks with her Indonesian counterpart Susilo Bambang Yudhoyono. In 2012, the two countries began negotiating the agreement, which would not only involve reducing trade barriers and market opening but also industrial cooperation and investment. South Korea is...

south-korea-busanSouth Korea and Indonesia on October 12 agreed to complete negotiations on an economic pact that includes free trade provisions by the end of the year.

Visiting South Korean President Park Geun-hye said that a “comprehensive economic partnership” agreement would help the two countries “institutionalise bilateral economic co-operation.”

“We agreed to conclude the negotiations by the end of this year,” she said after talks with her Indonesian counterpart Susilo Bambang Yudhoyono.

In 2012, the two countries began negotiating the agreement, which would not only involve reducing trade barriers and market opening but also industrial cooperation and investment.

South Korea is the third-largest investor in Indonesia, with new investment reaching $1.9 billion last year, according to official data.

Indonesia is also a major buyer of South Korea’s military hardware, including submarines and T-50 Golden Eagle supersonic trainer jets.

“We are confident that Korean investment in Indonesia will continue to contribute to Indonesia’s economic growth,” said Hatta Radjasa, Indonesia’s coordinating minister for the economy.

Trade between Indonesia and South Korea rose to nearly $30 billion last year, from $14.9 billion in 2007, the government said.

Yudhoyono said the two countries aimed to increase trade to $50 billion by 2015 and $100 billion by 2020.

Meanwhile South Korea said it has agreed with Indonesia to sign a bilateral, three-year currency swap deal worth up to $10 billion, which could help Jakarta better defend the rupiah hit by capital flight.

Either of the two Asian countries can swap 10.7 trillion won for 115 trillion rupiah or vice versa under the deal, which South Korea said was agreed between finance ministers and central bank chiefs in Washington.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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