Trade, Industry and Energy Minister Sung Yunmo (right) attended the signing ceremony of the Korea-Indonesia Comprehensive Economic Partners Agreement (CEPA) in Seoul, on December 18, the first bilateral free trade agreement with an ASEAN member country since the announcement of the New Southern Policy in November 2017.

The agreement came eight years after the launch of negotiations, and Minister Sung said that the CEPA is a comprehensive and cooperative platform that will not only reduce tariff barriers and improve investment conditions but also provide an opportunity for a significant development in the bilateral relationship between the two countries.