Indonesia, South Korea to Increase Bilateral Trade Value

According to Antara News, Indonesia’s Trade Minister, Zulkifli Hasan, has stated that Indonesia and South Korea are optimizing cooperation in the export-import and manufacturing of electric vehicles (EVs) to increase their bilateral trade value.

The trade value between the two countries is lower than that of several other ASEAN countries, he said after attending a meeting with South Korean Trade Minister Ahn Dukgeun in Semarang, Central Java, on Monday (21/08/23).

“Our trade value with South Korea is only a quarter of the trade value between South Korea and Vietnam and lower than South Korea’s trade value with Thailand. Ours should be more than Vietnam’s,” Hasan said during the meeting, which was held on the sidelines of the 55th ASEAN Economic Ministers’ Meeting (AEM).

Antara News report that the trade value between Indonesia and South Korea in 2022 reached USD 24.5-billion, while the trade value between Vietnam and South Korea in the same year was in excess of USD 80-billion, adding that this was the reason why Indonesia and South Korea have agreed to optimize the Indonesia-South Korea Comprehensive Economic Partnership Agreement (CEPA).

Hasan stated that Indonesia and South Korea will also sign a memorandum of understanding (MoU) on government-private cooperation.

“If there are difficulties, obstacles, both parties will speed up to help (each other),” he noted, adding that he aimed to increase trade value between Indonesia and South Korea to exceed that of Vietnam/ South Korea.

Hasan said the increase will be conducted in stages. Currently, the volume of trade between Indonesia and South Korea is only 10-percent. Apart from trade, he also urged South Korea to increase its investments, say Antara News.

“Both countries are democratic. The relationship between South Korea and Indonesia does not face any obstacles. Therefore, we expect more investment in our place from them,” he emphasized.

During the meeting, Hasan also lauded South Korea for treating Indonesian migrant workers well, with guaranteed protection and fulfillment of their rights.

“Our migrant workers are being appreciated in South Korea with their treatment and rights fulfilled,” he stated.

Meanwhile, Director General of International Trade Negotiations at the Indonesian Ministry of Trade, Djatmiko Bris Witjaksono, stated that the mainstay of products to increase trade value between the two countries is manufacturing and EVs.

Source: Antara News

Image by Daniel Bernard on Unsplash

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