Suparmanto leads Indonesia's trade mission to South Korea

Suparmanto leads Indonesia's trade mission to South Korea

The Minister of Trade Agus Suparmanto. ANTARA FOTO/Wahyu Putro A/foc.

Korea has been a friend of Indonesia in the past, present and future. The two countries have developed good relations for more than 40 years. Now is the right time to strengthen relations between Indonesia and South Korea
Jakarta (ANTARA) - Minister of Trade Agus Suparmanto is on a working visit to Busan, South Korea, leading a trade mission that looks to increase cooperation and trade between the two countries from November 25 to 27, 2019. "Korea has been a friend of Indonesia in the past, present and future. The two countries have developed good relations for more than 40 years. Now is the right time to strengthen relations between Indonesia and South Korea," Suparmanto said in his statement received in Jakarta Monday.

The minister is accompanying President Joko Widodo (Jokowi) for the 30th Anniversary of the ASEAN-South Korea Cooperation (ASEAN-RoK Commemorative Summit) in Busan on November 25 and 26, 2019. This summit carries the theme 'Partnership for Peace, Welfare for All'.

At the summit, President Jokowi will discuss ASEAN-South Korea cooperation that has existed for the past 30 years and will continue for the next 30, including cooperation in connectivity and efforts to maintain regional stability, according to the minister.

On the sidelines of the Summit, Agus will sign the Joint Declaration on the Completion of the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) with South Korean Trade Minister Yoo Myung-Hee.

"The signing of the Joint Declaration on the completion of IK-CEPA is a step forward towards the signing of the IK-CEPA," Suparmanto stated.

The IK-CEPA agreement would open up greater opportunities to improve trade relations between the two countries, the trade minister also said.

"The IK-CEPA Agreement will also provide better market access for goods and services. Besides, it will also encourage various collaborations and increase capacity," he remarked.

Besides, the trade minister emphasized that he would request a more strategic role from the trade attache and the Indonesian Trade Promotion Center in South Korea in increasing exports as a form of implementation of the IK-CEPA.

To increase trade between the two countries, during the visit, the minister also led a delegation of trade missions to explore the South Korean market.

Seven business actors and three related associations/agencies are part of the trade mission which will take place on November 27, 2019.

The seven business actors come from various sectors, such as palm oil, food and beverages, coffee and cocoa powder, ready-made garments, products made from moringa leaves, plywood, veneer and konjac powder.

Meanwhile, the three associations/agencies participating in the trade mission this time are the Indonesia Investment Coordinating Board (BKPM), the Indonesian Palm Oil Entrepreneurs Association (GAPKI), and the Indonesian Export Financing Agency (LPEI) - Indonesia Eximbank (IEB).

In this series of trade missions, the minister is scheduled to attend the Business Forum and open an assessment for trade agreements (business matching). In the Forum, he will invite business actors from both countries to take advantage of IK-CEPA and partner with each other to increase their business and investment.

"The government supports businesses in Indonesia, one of which is by opening wider market access. What we must be able to do is to take advantage of this opportunity so that it can ultimately advance business and increase national exports," Suparmanto stated. 

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