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International relations

Indonesia: Talks conclude with South Korea on economic partnership

Jakarta and Seoul clear way for formal signing of free trade and investment pact

Indonesian President Joko Widodo and his South Korean counterpart, Moon Jae-in, announce their intention to reach an economic partnership agreement back on Sept. 10, 2018.   © Reuters

JAKARTA (Reuters) -- Indonesian and South Korean ministers on Wednesday signed a deal marking the conclusion of negotiations on the substance of an economic agreement, the Indonesian trade ministry said.

The move clears the way for a formal signing of a free trade and investment accord between the two economies.

Talks on the Indonesia-Korea Comprehensive Economic Partnership Agreement (IKCEPA) restarted in September 2018 when President Joko Widodo met President Moon Jae-in of South Korea in Seoul. Jakarta was aiming to seal the deal by November, Indonesian officials have said.

Jakarta exported $9.5 billion worth of goods to South Korea last year and imported $9.1 billion, according to Indonesian government data. Its main exports to that country include coal, copper, rubber, plywood and tin and it buys synthetic rubber, flat steel products, electronic circuits and yarns, among others, from Seoul.

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