JAKARTA/SEOUL (Reuters) – South Korea and Indonesia on Friday signed an economic partnership agreement aimed at boosting investment and trade between the two countries, in areas ranging from automobiles to apparel, officials said.
South Korea is among Indonesia’s top ten trading partners and investors, but the economic relationship still did not reflect the true potential, Indonesian Trade Minister Agus Suparmanto said at a signing ceremony broadcast online from Seoul.
Under the agreement, South Korea will eliminate more than 95% of its tariff lines and Indonesia eliminate over 92% and give preferential tariffs to support Korean investment, Indonesia’s trade ministry said in a statement.
The comprehensive economic partnership agreement (CEPA) will not only impact industries such as automobiles but also technology, South Korea’s Industry Minister Sung Yoon-mo said.
“This CEPA will also facilitate exchanges of professionals in area such as science, technology, software and robotics, promoting cooperation in high-tech industry,” Sung said.
In 2019, trade between the two countries was worth $15.65 billion and between 2015-2019 South Korean companies invested nearly $7 billion in Indonesia, Indonesian trade ministry data showed.
Indonesia aimed to start implementing the deal next year, Minister Agus said.
Indonesia has been trying to encourage foreign investors including South Korean companies to invest in plants and components for electric vehicles to take advantage of the country’s rich nickel ore reserves, which are used to make batteries.
South Korea’s Hyundai Motor Group and LG Chem Ltd are among South Korean companies reported to be considering investments in battery cell manufacturing in Indonesia.
(Reporting by Fransiska Nangoy in Jakarta and Heekyong Yang in Seoul; Editing by Ed Davies)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
