Indonesia, South Korea Expect to Sign FTA in Early 2020
Indonesia and South Korea “successfully” concluded recent negotiations on a trade deal and expect to sign the agreement in early 2020, the Hong Kong Trade Development Council said in a Nov. 4 report. The deal will allow Indonesia to export…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
more fish and agricultural goods to South Korea while also opening its market to more South Korean industrial goods, the report said. The agreement is expected to eliminate import taxes on more than 95 percent of Indonesian exports to South Korea and 93 percent of South Korean exports to Indonesia, the HKTDC said, an increase from 90.2 percent and 80.1 percent duty free over the existing South Korea-Association of Southeast Asian Nations trade agreement, respectively. The tariff cuts will apply to steel products and auto parts but not to a “number of agricultural items currently traded between the two countries.”