JAKARTA (TheInsiderStories) — Indonesia and South Korea are going to revive its Comprehensive Economic Partnership Agreement (CEPA), after four years stopping. Both countries target to reach US$30 billion trade in 2022.
This is stated during South Korea Foreign Minister Kang Kyung-Wha’s visit to Indonesia for the Joint Commission Meeting on Monday (04/08) in Jakarta.
“We agreed to bring back the negotiation for Indonesia-Korea Comprehensive Economic Partnership Agreement. We committed to keep increasing trade to reach what we aim,” said Indonesia Foreign Minister Retno Marsudi after the bilateral meeting at her office.
South Korea Foreign Minister Kang Kyung-Wha said that trade and investment are important vehicle for both countries cooperation. She expects that the ongoing CEPA negotiation will be finished successfully by the end of this year.
According to her, South Korean Government will extend economic cooperation on the technology industry. Recently, South Korea exports electronic devices, petroleum oil, ship, textile, synthetic rubber, iron, and steel to Indonesia. While, Indonesia export rubber, palm oil, coal, copper ore, plywood, tin to South Korea.
Trade between Indonesia and South Korea also grew significantly. Last year, the bilateral trade increased by 15 percent, amounted almost US$20 billion.
In the last five years, South Korea always be on the top six of Indonesia’ biggest investor. During 2018, the investment realization valued worth of $1.6 billion from 2,412 projects. Marsudi stated, Indonesia grateful the realization of Lotte’ petrochemical plant in Cilegon, Banten province.
Marsudi and Kang also aimed to finish the plan of action in six months maximum. During the meeting, both minister also discussed migrant issues.
The minister reiterated the protection of more than 36,000 Indonesian workers in South Korea. She hoped that Indonesia and South Korea will soon finish the Memorandum of Agreement draft about Indonesian employment permit system, world’ only migrant recruitment system that has ISO certificate.
Under the legal umbrella, migrant workers are guaranteed and protected by South Korea’s labour law, same as its country’s citizens. Besides, Indonesian sailors who are not included in the system must also be noticed, said Marsudi.
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