Key Korean exports covered by the agreement included automobile and machine parts, while Indonesian exports covered included fuel oils, chemicals, and agricultural products.
[1] The agreement also covers human resource development in Indonesia,[2] and technology transfers.
Initially, both parties planned for a formal signing of the agreement in Busan during an ASEAN-South Korea summit in November 2019, although this did not happen.
[6] The agreement was signed on 18 December 2020 in Seoul by South Korean Minister of Trade, Industry and Energy Sung Yun-mo and the Indonesian Minister of Trade Agus Suparmanto.
[2][7] The South Korean National Assembly ratified the agreement on 29 June 2021,[4] while Indonesia's People's Representative Council ratified the agreement on 30 August 2022, together with the Regional Comprehensive Economic Partnership.