Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

South Korea, Indonesia reach preliminary trade deal to end steel tariffs

Commodities | Energy | Electric Power | Renewables | Natural Gas

Hydrogen: Beyond the Hype

Jet Fuel

Platts Jet Fuel

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 9th Annual

Electric Power | Metals

Chinese aluminum industry's Apr prosperity index slumps to the lowest

South Korea, Indonesia reach preliminary trade deal to end steel tariffs

Singapore — South Korea and Indonesia have reached a preliminary consensus that will see the elimination of tariffs on steel products and automobile parts, South Korea's Ministry of Trade, Industry and Energy said Wednesday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

South Korean trade minister Yoo Myung-Hee and his Indonesian counterpart Enggartiasto Lukita announced the in-principle agreement at Tangerang, Indonesia, it said.

Their agreement deals with the Korea-Indonesia Comprehensive Economic Partnership Agreement, or KI-CEPA, which is equivalent to a free trade agreement but also focuses on a broader scope of economic cooperation.

Under the deal, South Korea and Indonesia will eliminate tariffs on 95.5% and 93% of products, respectively.

But major agricultural products will not be included under KI-CEPA in order to protect South Korean farmers, the Korean ministry said.

The countries plan to officially finalize KI-CEPA by end-2019 before conducting a signing ceremony some time in H1 2020. The trade agreement must be ratified by the respective legislatures of South Korea and Indonesia.

Exports of major steel products will benefit from the elimination of tariffs, including hot-rolled steel sheets (5% tariff), cold-rolled steel sheets (5-15%), plated steel sheets (5-15%), synthetic resins (5%), and automobiles and parts (5%), the ministry said.

In addition, synthetic resins used for automotive steel sheets are expected to be duty-free, it said.

Trade volume between South Korea and Indonesia amounted to $20 billion in 2018, up from $17.9 billion the year before, South Korean data shows.

South Korea is the sixth largest supplier of Indonesian imports and the seventh largest destination for the latter's exports. Indonesia's imports from South Korea include synthetic and natural rubber, steel and integrated electronic circuits while its exports to South Korea consist mostly of coal, copper ore, natural rubber, plywood and unforged tin.

In 2018, steel sheet exports to Indonesia were valued at $629 million, up 11% year on year, the ministry said.

-- Clement Choo,

-- Edited by Alisdair Bowles,