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.
Ford has made an accomplishment that will never be bested, never even be tied.
How GM, Toyota and a Couple of Gutsy Managers Made the U.S. Version of the Two-Seater a Reality
For conducting business in the U.S. market, Toyota has historically had several separate business entities: a sales and distribution company headquartered in California (Toyota Motor Sales, USA); manufacturing operations (Toyota Motor Manufacturing North America); a racing subsidiary (Toyota Racing Development, USA); the Toyota Technical Center for R&D in Ann Arbor; and a design facility in California (Calty Design Research, Inc.). On April 1, 2006, Toyota merged its R&D operations and its manufacturing operations into a single company.