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Korea and Indonesia hold talks regarding CEPA, IPEF, and other trade issues 2022-04-12

Trade, Industry, and Energy Minister Moon Sung-wook held a videoconference with Indonesia’s Trade Minister Muhammad Lutfi on April 11 to discuss the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA), Indo-Pacific Economic Framework (IPEF), and other trade issues.

This meeting was a follow-up to further the Korea-Indonesia Economic Cooperation Committee talks held in Jakarta on February 22.

The two trade chiefs concurred that it would be vital for both countries to continue expanding their cooperation based on trade platforms such as CEPA and the Regional Comprehensive Economic Partnership (RCEP) in order to respond effectively to the rapidly changing trade landscape and global supply chain uncertainties triggered by the recent Ukraine crisis.

To this end, Minister Moon requested Indonesia’s support throughout the CEPA and RCEP effectuation process so their businesses can reap practical benefits. Minister Lutfi responded that the Indonesian Parliament is gearing up for a swift ratification. South Korea has completed all necessary ratification procedures as of December 2021.

Both sides agreed on the need for a forward-looking cooperation system encompassing the entire spectrum from supply chain to clean energy to infrastructure, one that bolsters their proactive engagement in the new trade order in dealing with digital and green transition. They further exchanged views regarding IPEF, the framework being designed by the United States.

Korea and Indonesia will be closely cooperating across all areas of trade, investment, industry, and energy for Indonesia’s successful hosting of the 2022 G20 Bali summit slated for November. Korea’s Genesis G80 EV and Ionic 5 are Indonesia’s official vehicle picks to wheel in this year’s G20. Minister Moon also called for Indonesia’s support of Korea’s hosting the World EXPO 2030 in Busan.