Indonesia, S. Korea agree to target bilateral trade increase of US$40 bil.


JAKARTA — Indonesian and South Korean senior officials agreed to increase bilateral trade between the two countries to up to US$40 billion by 2014 and US$100 billion by 2020, a statement released by Indonesia-South Korea Joint Secretariat said here on Tuesday. “The target was reasonable as bilateral trade volume between the two countries reached US$26.6 billion from January to November last year, or 45.4-percent higher than US$18.3 billion in the corresponding period in 2010,” the statement said. The agreement to improve trading volume to that level came up in the first meeting between senior officials of the two countries, which was held at the Indonesia-South Korea Joint Secretariat. The meeting was attended by Indonesia’s Coordinating Minister for the Economy Hatta Radjasa and South Korea’s Minister for Knowledge Economy Sukwoo Hong and chiefs of the Indonesia and South Korea Working Level Task Force (WLTF). The meeting was an implementation of Indonesia-South Korea Terms of References (TOR) signed by the two countries’ senior officials in Bali, Indonesia in November last year.