RCEP Signing D-3... Industry Minister Meets with Indonesian Minister

Indonesia, Core ASEAN of RCEP Responsible for 35% of GDP
Moon Jae-in Promotes 'New Southern Policy', First Country Visited

The 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting held on August 27 at Lotte Hotel, Jung-gu, Ulsan. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] As South Korea prepares to sign the Regional Comprehensive Economic Partnership (RCEP), a massive economic bloc home to one-third of the world's population, it met with the Indonesian minister, one of the key RCEP countries, to discuss cooperation measures.

Among the 16 countries participating in RCEP, 10 are members of ASEAN (Association of Southeast Asian Nations). Indonesia is a core country accounting for 35% of ASEAN's GDP.

The Ministry of Trade, Industry and Energy announced that on the 12th at 10:40 a.m., Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy met with Bahri Lahadalia, Minister of Investment of Indonesia, at the Four Seasons Hotel in Seoul to discuss expanding investment between the two countries and cooperation in key industrial sectors.

Previously, President Moon Jae-in visited Indonesia in November 2017, the first ASEAN country he visited, declaring the start of the 'New Southern Policy.'

More than 2,000 Korean companies have entered key industrial sectors in Indonesia such as steel, petrochemicals, automobiles, and textiles.

Minister Sung said during the meeting that both countries should work together to overcome the economic situation caused by the novel coronavirus disease (COVID-19).

He also requested that the Indonesian Ministry of Investment show interest and support to ensure smooth business operations and resolve difficulties faced by Korean investment companies.

They exchanged opinions on improving the local investment environment and providing incentives for Korean companies in the petrochemical, automobile, textile, and garment sectors.

According to the Blue House, President Moon will attend five consecutive ASEAN-related video summit meetings starting on the 12th as part of his diplomatic schedule. He is scheduled to sign the RCEP on the 15th. If concluded, it will mark the fruition of negotiations that began in November 2012 after eight years.

This content was produced with the assistance of AI translation services.