RoK, Indonesia to hold free trade talks this week hinh anh 1Illustrative image (Source: VNA)

Hanoi (VNA) –
The Republic of Korea (RoK) plans to hold talks with Indonesia this week on their bilateral free trade agreement as part of efforts to diversify trade amid rising protectionism around the globe, the Korean trade ministry said on August 27.

The two countries have been seeking to strike a bilateral Comprehensive Economic Partnership Agreement (CEPA) since 2012. Their negotiations resumed in February after a hiatus of five years.

The CEPA is equivalent to a free trade agreement but focuses on a broader scope of economic cooperation beyond trade.

According to the Korean trade ministry, the upcoming talks, the ninth edition, will be held on the southern island of Jeju from August 28 to 30. 

Indonesia is the second-largest trading partner of the RoK in the Association of Southeast Asian Nations (ASEAN). Two-way trade reached 20 billion USD in 2018.

The RoK is pushing the signing of free trade deals with Indonesia, Malaysia and the Philippines this year. If all the negotiations underway are successful, the RoK will have free trade deals with all five of its top ASEAN trading partners.-VNA