"With the agreement, the two countries have agreed to bring their relationship to a higher level in the industry, infrastructure, employment, economy, and trade sectors," he remarked while providing information on the agreement at a hybrid event in Surabaya city, East Java province.
According to Sambuaga, IK-CEPA provides a comprehensive institutional framework for bilateral cooperation, thus the agreement will provide new opportunities for economic growth, trade, and investment for the two countries.
Furthermore, through the agreement, both Indonesia and South Korea have committed to opening additional markets, besides the ones included in ASEAN-Korea Free Trade Area (AKFTA), he noted.
The commitment provides wider and preferential access to the South Korean market both for large companies as well as small and medium enterprises (SMEs), he said.
Regarding investment, both countries are committed to providing more opportunities for South Korean investment in Indonesia which can encourage employment, he said.
Meanwhile, Indonesia will provide additional preferences for 104 raw material tariff posts for South Korea, the deputy minister said.
Both parties are also committed to cooperation in agricultural, fisheries, forestry, technology and innovation, culture, and creative activities, and SMEs sectors, he informed.
"Through the cooperation, Indonesia can request technical assistance, experience sharing, and training to improve our human resources quality," he said.
Meanwhile, member of Commission VI of the Indonesian House of Representatives (DPR RI), Nasim Khan, said he expected IK-CEPA to become a milestone to strengthen mutually beneficial relations between the two countries.
It is also hoped that the agreement will be able to have a real impact on the welfare of the Indonesian people amid the COVID-19 pandemic, he added.
"Commission VI of DPR RI will continue to monitor the agreement, thus it can benefit the community since all government’s attempts must bring prosperity to the people," the house member remarked.