S. Korea, Indonesia reach preliminary trade deal to open more markets in goods and services

South Korea and Indonesia have reached a
preliminary deal that would eliminate tariffs on virtually all products they
trade in it covers goods such as steel and car parts as well as services like
tech research this is expected to give a major boost to president moon’s push for
his new southern policy which partly aims to reduce Korea’s trade dependency
on the US and China by expanding cooperative ties with Southeast Asian
Nations eun-jung Minh has our top story South
Korea and Indonesia agreed on Wednesday in Jakarta to bolster economic
cooperation ranging from good service to investments South Korean Trade Minister
Yoo Myung hee and her Indonesian counterpart and Garcias Toluca taw
announced that they have practically reached an agreement for a comprehensive
economic partnership under the agreement South Korea will lift tariffs on nearly
96% of the items it buys from Indonesia a scope that covers 97% of the value it
currently imports Indonesia for its part will abolish tariffs on 93% of Korean
goods or 97 percent of the amount in help eyes in particular tariffs imposed
on major South Korean goods including steel and car parts will be eliminated
as soon as the agreement takes effect however agricultural products will be
exempt the trade ministry said Korea will immediately or in phases lift
tariffs on Indonesian diesel bunkers see oil beer and more Korean exporters will
also benefit from simpler rules on specifying the origins of their products
in the service sector both countries agreed to give more favorable conditions
to online game companies wholesalers retailers and construction companies in
those industries Indonesia says it will ease limits on foreign investment also
there will be more exchanges between researchers developing software and
robots as well as more R&D projects a final version of the deal is expected
within this year to take effect at a later date the deal is part of South
Korean president moon Jane’s new southern policy with Indonesia which is
the second largest trader in ASEAN and has a population of nearly 270 million
Paul the two sides resumed our talks after Indonesian president Joko Widodo
visited Seoul last September new domain arirang news

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