South Korea, Indonesia Finalize Free Trade Pact
South Korea and Indonesia completed more than seven years of trade talks today on a free trade deal that will drop tariffs on cars and steel.
The measure, dubbed the Comprehensive Economic Partnership Agreement, will be officially signed in early 2020, then be ratified by each country, The Nikkei reports.
The measure will end Indonesian tariffs on Korean steel, cars, auto parts, machine parts and textiles. In return, Korean will drop its taxes on petroleum fuel for ships, sugar and beer imported from Indonesia.
The deal comes as Hyundai Motor Co. nears a deal to build a $1 billion electric-car plant in Indonesia, which hopes to become a regional EV supply hub.
CEPA will provide Indonesia with broader access to the Korean market than is possible through the region’s existing ASEAN-Korea Free Trade Agreement, according to Indonesia.
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