Seoul set to embark on CEPA talks with Jakarta

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Seoul set to embark on CEPA talks with Jakarta

Korea and Indonesia will hold their first round of free trade talks this week as part of efforts to boost bilateral trade volume, the Ministry of Foreign Affairs and Trade said yesterday.

Negotiators from both sides will meet in Jakarta on Thursday to discuss the scope and coverage of the free trade pact and other issues, it added.

In March, President Lee Myung-bak and his Indonesian counterpart Susilo Bambang Yudhoyono announced the launch of talks on a so-called comprehensive economic partnership agreement (CEPA), which is similar to a free trade agreement.

The two countries held three rounds of preliminary talks last year under an agreement to conduct a joint study into the possibility of forging a bilateral free trade pact.

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