The South Korean and Indonesian governments have agreed to undertake a joint feasibility study on a possible bilateral free trade agreement. (FTA).
An FTA between South Korea and the Association of Southeast Asian Nations (ASEAN) came into force in June 2007. That agreement stipulated that the tariffs levied on around 97% of South Korean goods sold in ASEAN countries would be phased out by 2010. While trade between South Korea and ASEAN has increased significantly as a consequence, South Korea and Indonesia believe that a bilateral deal could provide further benefits.
It has been reported that the two governments have a programme of four rounds of feasibility talks on the proposed FTA, beginning in June this year. It is then hoped that official negotiations on an agreement could be launched in November.
Indonesia is South Korea's tenth biggest trade partner, and its second largest in ASEAN. Bilateral two-way trade was estimated to have reached USD22.9bn in 2010.
.Tags: tax | law | trade | agreements | tariffs | free trade agreement (FTA) | Indonesia | Korea, South | Indonesia
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