Indonesia–Korea Comprehensive Economic Partnership Agreement

The Indonesia–Korea Comprehensive Economic Partnership Agreement is a bilateral agreement signed between Indonesia and South Korea. Negotiated since 2012, it was signed in December 2020 and came into effect on 1 January 2023. The agreement eliminated trade tariffs on most goods traded between the two countries, in addition to covering investment, human resource development, and technology transfers.

Agreements

Both parties agreed to eliminate bilateral trade tariffs on most goods traded within five years of it coming into effect, with around 95–98% of goods traded in terms of value during 2017–2018 being covered by the agreement. Key Korean exports covered by the agreement included automobile and machine parts, while Indonesian exports covered included fuel oils, chemicals, and agricultural products. Indonesia also agreed to open the service sector to Korean investment, although the agriculture, forestry and fishery sectors were excluded in the agreement. Online video games were also covered in the agreement.^[1] The agreement also covers human resource development in Indonesia,^[2] and technology transfers.^[3]

History

Before the bilateral agreement was signed in 2020, the two countries had already engaged in some tariff-free trade under the framework of the ASEAN-Korea Free Trade Area.^[3]

Joint research on the agreement occurred throughout 2011.^[4] Formal negotiations for the CEPA commenced in 2012 during the tenures of Susilo Bambang Yudhoyono and Lee Myung-Bak, but after seven rounds, negotiations were suspended in 2014. The negotiation process resumed on 19 February 2019.^[5] The tenth and final round of negotiations was held between 7 and 10 October 2019 in Bali. Initially, both parties planned for a formal signing of the agreement in Busan during an ASEAN-South Korea summit in November 2019, although this did not happen.^[6]

The agreement was signed on 18 December 2020 in Seoul by South Korean Minister of Trade, Industry and Energy Sung Yun-mo and the Indonesian Minister of Trade Agus Suparmanto.^[2]^[7] The South Korean National Assembly ratified the agreement on 29 June 2021,^[4] while Indonesia's People's Representative Council ratified the agreement on 30 August 2022, together with the Regional Comprehensive Economic Partnership.^[1] It was officially implemented on 1 January 2023, coinciding with the 50th year of bilateral relations.^[2]

References

^ ^a ^b "인니 의회, 한국과 CEPA 비준안 처리…체결 1년 8개월만" [Indonesian Parliament clears bill to ratify CEPA with South Korea...a year and eight months after signing]. Yonhap News Agency (in Korean). 30 August 2022. Archived from the original on 30 May 2023. Retrieved 30 May 2023.
^ ^a ^b ^c "IK-CEPA Resmi Diimplementasikan, Perdagangan Indonesia-Korea Mulai Terbuka Luas". Kontan (in Indonesian). 2 January 2023. Archived from the original on 31 May 2023. Retrieved 31 May 2023.
^ ^a ^b Kamalina, Annasa Rizki (5 January 2023). "Ada Perjanjian Dagang RI-Korea (IK-CEPA), Siapa Lebih Untung?". Bisnis.com (in Indonesian). Archived from the original on 31 May 2023. Retrieved 31 May 2023.
^ ^a ^b "한-인도네시아 CEPA". fta.go.kr (in Korean). Archived from the original on 31 May 2023. Retrieved 31 May 2023.
^ "IK-CEPA" (in Indonesian). Ministry of Trade of Indonesia. Archived from the original on 31 May 2023. Retrieved 31 May 2023.
^ DP, Yustinus Andri (16 October 2019). "Akhirnya, IK-CEPA Capai Finalisasi Setelah Perundingan 8 Bulan". Bisnis.com (in Indonesian). Archived from the original on 31 May 2023. Retrieved 31 May 2023.
^ "Perjanjian Indonesia-Korea CEPA resmi ditandatangani". Antara News (in Indonesian). 18 December 2020. Archived from the original on 31 May 2023. Retrieved 31 May 2023.

External links

Directories to the agreement's texts:

v t e Economy of Indonesia
History	Benteng program Berkeley Mafia Asian financial crisis COVID-19 pandemic
Currency	Bank Indonesia Indonesian rupiah
Banking and finance	Indonesia Stock Exchange QRIS Commercial banks Regional development banks
Ministries and agencies	Coordinating Ministry for Economic Affairs Finance Industry Trade Agriculture State Owned Enterprises Manpower Small & Medium Enterprises Land and Spatial Planning Coordinating Ministry for Maritime and Investment Affairs Transportation Maritime Affairs and Fisheries Public Works and Housing Tourism and Creative Economy Energy and Mineral Resources Forestry Investment OJK
Agreements	ASEAN Free Trade Area Regional Comprehensive Economic Partnership Bilateral agreements Australia Chile Japan Mozambique South Korea Pakistan
Industries	Ports Transport Tourism Postal Agriculture Coconut Coffee Palm oil Pulp and paper Rice Tea Tobacco Automotive Mining Bauxite Coal Copper Nickel Tin
Category

v t e Economy of South Korea
History	Five-Year Plans of South Korea Heavy-Chemical Industry Drive Miracle on the Han River Four Asian Tigers 1997 Asian financial crisis South Korea–Japan trade dispute
Currency	Won (1945–1953) Hwan (1953–1962) Won (1962–) Korea Minting and Security Printing Corporation Bank of Korea
Industry	Agriculture Rice production Automotive Film Defense Financial services Fishing Markets Retailing Science and technology Semiconductor Tourism
Labor	Inequality Labor movement Poverty Trade unions Unemployment Youth unemployment Work-life balance
Energy	Energy Nuclear power Trans-Korea Pipeline South–North Pipeline Korea
Finance	Korea Exchange KOSPI KOSDAQ Banks Korea Deposit Insurance Corporation Korea Financial Investment Association Kimchi bond
Free Trade Agreements	ASEAN EFTA India Indonesia Peru European Union United States Australia Canada China Other FTAs Exports Trade policy
Government agencies	Ministry of Economy and Finance Ministry of Employment and Labor Ministry of SMEs and Startups Ministry of Trade, Industry and Energy Fair Trade Commission Financial Services Commission Financial Supervisory Service
Organizations	Federation of Korean Industries Korea International Trade Association
Related topics	Billionaires Chaebol Companies Largest companies International rankings Regions by GDP Seoul
See also: Economy of North Korea

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