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South Korean president wants Indonesian trade agreement on fast track

Oct. 12, 2013 at 10:47 AM

JAKARTA, Oct. 12 (UPI) -- South Korean President Park Geun-hye, speaking in Jakarta, called for a quick conclusion to talks with Indonesia on a trade agreement.

The two countries have held five rounds of talks on a comprehensive economic partnership agreement to lower trade barriers, Yonhap news service reported Saturday.

"We need a firm institutional framework if South Korea and Indonesia are to achieve the goal of expanding trade volume to $100 billion by 2020," Park said during a meeting in Jakarta that included business leaders from South Korea and Indonesia.

"The South Korean government will consult closely with the Indonesian government to conclude a comprehensive economic partnership agreement at the earliest possible date," the president said.

South Korean trade with Indonesia has grown from $14.9 billion in 2007 to $30 billion in 2012. Indonesia is the largest foreign customer for the South Korean defense industry, Yonhap reported.

Park arrived in Indonesia Thursday and was scheduled to meet with Indonesian President Susilo Bambang Yudhoyono Saturday.

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