Indonesia eyes export growth with S Korea via comprehensive economic partnership agreement
The Indonesian Government is aiming to expand exports to South Korea through the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA), which has been in effect over the past year.
Deputy Minister of Trade Jerry Sambuaga delivers his remarks at the Team Korea-Indonesia Economic Partnership Forum in Jakarta, August 28, 2024. Photo courtesy of Antara.
According to Deputy Minister of Trade Jerry Sambuaga, coal has been Indonesia's main export commodity to South Korea, with the value of coal exports reaching $2.2 billion in 2023, followed by petroleum gas at $1.4 billion.
With the implementation of the IK-CEPA, the export potential for other products such as motor vehicles, palm oil, ferronickel, and palm kernels has significantly increased.
The Southeast Asian country’s five main imports from South Korea are petroleum oil, cars and motor vehicles, electronic integrated circuits (chips), and synthetic rubber.
Jerry Sambuaga urged Indonesian firms to take advantage of the trade pact to expand trade exchanges with the Korean sides, adding the agreement provides various benefits such as the elimination of import duties on 95% of products traded between the two countries.
With duty-free facilities, it is hoped that the trade volume between the two countries will continue to increase, he said.
Deputy Ambassador of South Korea to Indonesia, Park Soo-Deok, stated that although South Korea has become a major partner in economic cooperation with Indonesia, challenges such as geopolitical tensions and supply chain instability still need to be addressed.
Against this backdrop, it is important to expand bilateral cooperation, including investments and business activities of Korean companies in Indonesia, to create jobs and boost Indonesia's economic growth, he said.
South Korea is one of Indonesia's strategic trading partners. It ranked 8th as an export destination and 6th as an import origin in 2023.
Data from Statistics Indonesia showed that the trade volume between the two countries in 2023 was recorded at $20.8 billion, with Indonesia's exports amounting to $10.3 billion and imports at $10.5 billion.
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