S. Korea, Indonesia eye broader economic ties to overcome pandemic fallout

(Yonhap)

SEOUL — South Korea and Indonesia on Wednesday agreed to expand their economic ties to overcome the economic fallout from the new coronavirus pandemic.

Trade officials from Seoul and Jakarta held a two-day virtual meeting to discuss ways to bolster the two countries’ economic ties and overcome economic jitters of the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy.

During the meeting, the two countries vowed to expand cooperation in the e-commerce segment, which is especially expected to play a bigger role amid the virus pandemic.

Seoul also requested Jakarta to consider lifting more regulations for South Korean businesses in Indonesia. The two countries discussed South Korea’s plans to participate in official development assistance projects in Indonesia as well.

South Korea and Indonesia plan to hold a ministerial-level meeting later in 2020 to set more details for bilateral cooperation.

Seoul and Jakarta struck the Comprehensive Economic Partnership Agreement (CEPA) in November last year, with an official signing expected this year.

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 five-year hiatus.

Indonesia was the 15th-largest export destination for South Korea in 2019, with outbound shipments reaching $7.6 billion, according to the Korea International Trade Association. (Yonhap)