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Trade Ministry expects IK-CEPA ratification in July
A timeline shared with the public shows that next month is packed with events aimed at finalizing the trade agreement.
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Shift to electric: President Joko “Jokowi” Widodo inspects an electric vehicle (EV) and battery charging device on the sidelines of an event on the groundbreaking of a South Korean-funded EV battery plant in Karawang, West Java, on Sept. 15, 2021. (Antara/Media Press Bureau of Presidential Secretariat/Agus Suparto)
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oting “good” diplomatic and economic relations between the two countries, the Trade Ministry expects the House of Representatives (DPR) to ratify the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) next month.
According to a press briefing held by the ministry on Tuesday, the timeline shows July packed with events aimed at making the trade pact effective, starting with a high-level meeting of House Commission VI, which oversees industry, investment and business competition.
Then, a House plenary session is set to continue the discussion and ratify the treaty, which would be finally signed by the President and promulgated by the Law and Human Rights Ministry, all in the same month.
“God willing, this July will see this treaty ratified in the House plenary session, and the second semester of 2022 will see this treaty enter into force,” Ari Satria, secretary of the Trade Ministry’s International Trade Negotiations Directorate General, said in the briefing.
Read also: S. Korea opens ASEAN financial business gateway in Jakarta
At the same event, Deputy Trade Minister Jerry Sambuaga said the treaty would significantly increase bilateral trade by removing many tariffs on both sides.
The trade deal stipulates that Indonesia would remove 9,954, or 92 percent of all tariff codes, up 5 percent from what has been agreed under the ASEAN-Korea Free Trade Agreement (AKFTA), while South Korea would remove 11,687, 95.5 percent of total tariff codes, up 5.5 percent from AKFTA.
