Indonesia's Opportunities and Challenges in IK-CEPA: Bilateral Free Trade Agreement with South Korea
Abstract
The IK-CEPA was officially implemented in 2023 as a commitment between Indonesia and South Korea to cooperate in marketing and fulfil commodity needs, aiming for better and more sustainable economic development. This paper seeks to investigate the opportunities and challenges faced by Indonesia in implementing the IK-CEPA. The comparative method is applied to analyze the secondary data sourced from official publications on bilateral agreements between the two countries, and statistical data on investment, trade, and the country’s trade balance. A comparative data analysis was conducted by comparing the IK-CEPA with the previously implemented free trade agreement (FTA) in Indonesia with similar values, namely the IA-CEPA. In this paper, the IA-CEPA serves as a crucial point of comparison from which analytical results concerning the potential opportunities or challenges of the IK-CEPA were derived, focusing on several indicators like foreign direct investment (FDI) flow, trade value, and trade balance. The results show that Indonesia has the opportunity to: (1) increase the FDI value; (2) increase trade values with South Korea; and (3) improve the trade balance with South Korea to achieve a surplus. Two challenges for Indonesia in this endeavor include failure to achieve a trade balance surplus and the need for maximum utilization of the IK-CEPA by the Micro, Small and Medium Enterprises (MSMEs).
Keywords: bilateral cooperation, comparative analysis, free trade agreement, IK-CEPA
References
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Cholif, U., & Paksi, A. (2022). South Korea's Interests behind the Reactivation of IK-CEPA Negotiations with Indonesia. Insignia: Journal of International Relations, 9(1), 20-36. doi:10.20884/1.ins.2022.9.1.5089
Collier, D. (1993). The Comparative Method (SSRN Scholarly Paper No. 1540884). Accessed from https://papers.ssrn.com/abstract=1540884.
Dae-Chang, K. (2013). The 40th anniversary of Economic Relations between Korea and Indonesia. Korea Economy Insititute Publication. Accessed from https://keia.org/wp-content/uploads/2020/05/koreaseconomy_2013_chapter6.pdf.
Damuri, Y. R., & Friawan, D. (2022). RCEP and Indonesia: Economic Reform and Prospects for Implementation. ERIA Discussion Paper Series, 38(467).
Databoks. (2022). "Nilai Perdagangan Indonesia dan Korea Selatan Tumbuh 37,8% pada 2021 | Databoks." Accessed from https://databoks.katadata.co.id/datapublish/2022/08/22/nilai-perdagangan-indonesia-dan-korea-selatan-tumbuh-378-pada-2021.
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Ethevenin, N. (2018). The Challenges and Opportunities of Free Trade Agreements: How Global Trade Automation Can Help. Journal of Supply Chain Management, Logistics and Procurement, 1(1), 87–97. https://www.henrystewartpublications.com/sites/default/files/Ethevenin_SCM.pdf
Falk, R. (2002). Liberalism at the Global Level: Solidarity vs. Cooperation (pp. 75–98). Palgrave Macmillan UK. https://doi.org/10.1057/9780230519381_5
Free Trade Agreement Center. (2024). “Fact-Sheet Indonesia-Korea Comprehensive Economic Partner Agreement (IK-CEPA).” Accessed from https://ftacenter.kemendag.go.id/cfind/source/files/ikcepa/indonesia-korea-comprehensive-economic-partnership-agreement.pdf.
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Free Trade Agreement Center. (2020). "IA-CEPA." Accessed from http://ftacenter.kemendag.go.id/ia-cepa.
Holsti, K. J. (1983). Politik Internasional: Kerangka Untuk Analisis (Jilid 2) (M. T. Azhary, Trans.; 4th ed.). Jakarta: Penerbit Erlangga.
ILO. (2015). Social dimensions of free trade agreements. Geneva: International Institute for Labour Studies International Labour Organization.
Indonesian Central Bureau of Statistics. (2022). "Neraca Perdagangan Beberapa Negara." Accessed from https://www.bps.go.id/indicator/8/336/1/neraca-perdagangan-beberapa-negara.html.
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Istifadah, N. (2012). Opportunities and Challenges Asean Economic Integration of Indonesian’s Economy. Proceeding for Call Paper, 427–440.
Jose, H., & Samudra, H. (2022). Towards a New ASEAN Regionalism: Navigating the Outlook on Indo-Pacific in Post-RCEP Beyond 2020. Insignia: Journal of International Relations, 9(1), 96-109. doi:10.20884/1.ins.2022.9.1.4636
Kang, D., Min, S., & Park, S. K. (2021). The Impact of the Covid-19 Pandemic on the Korean Economy and Industry: An Interim Assessment of One Year after the Outbreak. SSRN Electronic Journal, 26(5), 6-17. http://dx.doi.org/10.2139/ssrn.4192204
Kusnandar, V. B. (2022). "Mitra sejak Lama, Ini Riwayat Perdagangan RI-Korea Selatan | Databoks." Databoks. Accessed from https://databoks.katadata.co.id/datapublish/2022/07/26/mitra-sejak-lama-ini-riwayat-perdagangan-ri-korea-selatan.
Lee, C. J., & Okabe, M. (2011). Comprehensive Mapping of FTAs in ASEAN and East Asia. ERIA Research Project Report, 26(1-185). Accessed from https://www.eria.org/uploads/media/Research-Project-Report/RPR-2010-26.pdf.
Mediatama, G. (2021, 29 September). "Kadin: UMKM Masih Kesulitan Manfaatkan Perjanjian Dagang IA-CEPA." Kontan. Accessed from https://nasional.kontan.co.id/news/kadin-umkm-masih-kesulitan-manfaatkan-perjanjian-dagang-ia-cepa.
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Moravcsik, A. (1993). Preferences and Power in the European Community: A Liberal Intergovernmentalist Approach. JCMS: Journal of Common Market Studies, 31(4), 473–524. https://doi.org/10.1111/j.1468-5965.1993.tb00477.x
Nugraha, C. (2019). Penguatan Diplomasi Ekonomi Tiongkok di ASEAN melalui ACFTA Upgrading Protocol. Insignia: Journal of International Relations, 5(2), 67-84. doi:10.20884/1.ins.2018.5.2.1261
Nugroho, A. C. (2019, 31 December). "Inflasi Korsel Melambat ke Rekor Terendah sejak 1966." Bisnis.com. Accessed from https://ekonomi.bisnis.com/read/20191231/9/1185745/inflasi-korsel-melambat-ke-rekor-terendah-sejak-1966.
Poetri, D. A., Govindasamy, G., & Akhir, M. N. M. (2018). Republic of Korea-Indonesia Relations: Middle Power Diplomacy in East Asia. WILAYAH: The International Journal of East Asian Studies, 7(1), 59–77. https://doi.org/10.22452/IJEAS.vol7no1.4
Rahman, D. F. (2022). "Perdagangan Indonesia-Australia Cetak Rekor pada 2021 | Databoks." Databoks. Accessed from https://databoks.katadata.co.id/datapublish/2022/08/01/perdagangan-indonesia-australia-cetak-rekor-pada-2021.
Ragimun, R., Handoko, R., Rosjadi, I., Mutaqin, M., & Yasin, A. (2022). Kinerja Perdagangan Indonesia-Singapura dan Malaysia. Jurnal Perspektif Bea dan Cukai, 6(1), 28–45. https://doi.org/10.31092/jpbc.v6i1.1540
Reinsberg, B. (2021). Fully-automated Liberalism? Blockchain Technology and International Cooperation in an Anarchic World. International Theory, 13(2), 287–313. https://doi.org/10.1017/S1752971920000305
Rissy, Y. Y. W. (2021). Tantangan dan Strategi Pelaksanaan Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA). Refleksi Hukum: Jurnal Ilmu Hukum, 5(2), 179–198. https://doi.org/10.24246/jrh.2021.v5.i2.p179-198
Safitri, M. N. (2021). Faktor-Faktor Pendorong Reaktivasi Perundingan Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA), [Skripsi]. Universitas Sriwijaya.
Santoso, R. B. (2022). Diplomasi Ekonomi Indonesia terhadap Korea Selatan dalam Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA). Indonesian Journal of International Relations, 6(2), 343-363. https://doi.org/10.32787/ijir.v6i2.386
Septyaningsih, I. (2022, 4 September). “IK-CEPA Resmi Disahkan, Perdagangan Korea Selatan-Indonesia Diharapkan Surplus.” Republika. Accessed from https://republika.co.id/share/rhog7w423.
Sinha, A. (2022). 12 A New Form of Contract: International Free Trade Agreements. In J. Coates, V. Owen, & S. Reilly (Eds.), Navigating Copyright for Libraries (p. 272–284). De Gruyter. https://doi.org/10.1515/9783110732009-014
Stone, D. (2001). Policy Paradox: The Art of Political Decision Making (Revised Edition). New York: W.W. Norton & Company.
Tiara, A. C. (2017). Faktor-Faktor Yang Memengaruhi Terhentinya Perundingan Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) di Tahun 2014, [Skripsi]. Universitas Katolik Parahyangan. Accessed from https://repository.unpar.ac.id/handle/123456789/repository.unpar.ac.id/handle/123456789/6398.
Umaira, T. Z. (2022). Implementasi Perjanjian Ekonomi Indonesia-Korea Comprehensive Economic Partnership Agreement tentang Penurunan atau Penghapusan Tarif, [Thesis]. Universitas Muhammadiyah Sumatera Utara. Accessed from http://repository.umsu.ac.id/handle/123456789/19730.
Yani, Y., & Nizmi, Y. (2018). Penerapan Konsep Cross Border Regions (CBRs) dalam Kerja Sama Ekonomi Sub-regional Indonesia-Malaysia-Singapura Growth Triangle (IMS-GT). Insignia: Journal of International Relations, 5(1), 31-45. doi:10.20884/1.ins.2018.5.1.819
Published
2024-04-05
How to Cite
MAULIDITA, Salismi Zulfi; DARMANTO, Darmanto.
Indonesia's Opportunities and Challenges in IK-CEPA: Bilateral Free Trade Agreement with South Korea.
Insignia: Journal of International Relations, [S.l.], v. 11, n. 1, p. 19-35, apr. 2024.
ISSN 2597-9868.
Available at: <http://jos.unsoed.ac.id/index.php/insignia/article/view/9926>. Date accessed: 29 apr. 2024.
doi: https://doi.org/10.20884/1.ins.2024.11.1.9926.
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