Hanoi (VNA) – TheMinistry of Trade, Industry and Energy of the Republic of Korea (RoK) said onOctober 7 that the country and Indonesia plan to holdthe 10th round of negotiations for their Comprehensive Economic PartnershipAgreement (CEPA) in Bali this week as the Northeast Asian economy continuesefforts to expand its export portfolio in the Southeast Asian market.
Their negotiations resumed this year after a hiatus of five years. The previousmeeting was held in August.
A CEPA isequivalent to a free trade agreement (FTA) but also focuses on a broader scopeof economic cooperation beyond trade.
Accordingto the ministry, during the upcoming meeting, the RoK and Indonesia will aim tobuild the details of the agreement's terms, including products and services notmentioned in the previous negotiations.
In previous negotiations, the two sides agreed on major parts of the CEPA. Theupcoming gathering will pave the way for its conclusion.
The RoKhas been making efforts to reach a separate deal with Indonesia since 2012,although Seoul also has a free trade agreement with ASEAN.
The Northeast Asian nation is working to clinch FTAs with many ASEAN membercountries, including Indonesia, Malaysia and the Philippines. The RoK hopes toreach FTAs with these countries before the time for the RoK-ASEAN summitslated for November.
The signing of FTAs with Southeast Asian nations is a key goal of the MoonJae-in government's New Southern Policy, a signature policy that centers onforging deeper ties with emerging nations./.
Their negotiations resumed this year after a hiatus of five years. The previousmeeting was held in August.
A CEPA isequivalent to a free trade agreement (FTA) but also focuses on a broader scopeof economic cooperation beyond trade.
Accordingto the ministry, during the upcoming meeting, the RoK and Indonesia will aim tobuild the details of the agreement's terms, including products and services notmentioned in the previous negotiations.
In previous negotiations, the two sides agreed on major parts of the CEPA. Theupcoming gathering will pave the way for its conclusion.
The RoKhas been making efforts to reach a separate deal with Indonesia since 2012,although Seoul also has a free trade agreement with ASEAN.
The Northeast Asian nation is working to clinch FTAs with many ASEAN membercountries, including Indonesia, Malaysia and the Philippines. The RoK hopes toreach FTAs with these countries before the time for the RoK-ASEAN summitslated for November.
The signing of FTAs with Southeast Asian nations is a key goal of the MoonJae-in government's New Southern Policy, a signature policy that centers onforging deeper ties with emerging nations./.
VNA
