Indonesia, RoK agree to sign FTA

April 07, 2020 | 10:03

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Indonesia and the Republic of Korea on April 6 agreed to hold a signing ceremony of their bilateral free trade deal in the near future to quickly implement it in a way that helps minimise the economic fallout from the new coronavirus pandemic.

Indonesia, RoK agree to sign FTA, illustration photo

During a videoconference with Indonesian Trade Minister Airlangga Hartarto, RoK Trade Minister Yoo Myung-hee said the international community must join forces to sustain the global supply chain, according to the RoK’s Yonhap news agency.

In line with efforts to overcome the economic jitters, the two countries agreed to hold a signing ceremony of the much-awaited Comprehensive Economic Partnership Agreement (CEPA) at the earliest date possible after the situation is stabilised, reported Yonhap

The two countries struck the deal in November last year with a goal of holding an official signing ceremony in the first half of 2020 to pave the way for the official implementation.

The CEPA is equivalent to a free trade agreement but focuses on a broader scope of economic cooperation. The two resumed their FTA negotiations in 2019 after a hiatus of five years.

On the occasion, minister Yoo requested Jakarta to lend hands to RoK businesses based in Indonesia that are suffering from the economic fallout of the COVID-19 pandemic.

VNA

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