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.
The agreement was signed on 18 December 2020 in
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: