In order to implement the Comprehensive Economic Partnership Agreement between Indonesia and the Republic of Korea, the MoF issued regulation No. 227/PMK.010/2022 (“PMK-227”) concerning Determination of Import Duty regarding Comprehensive Economic Partnership Agreement between Indonesia and the Republic of Korea. PMK-227 is effective from 1 January 2023.

This regulation stipulates that the preferential import duty tariff for imported goods from the Republic of Korea follows the Comprehensive Economic Partnership Agreement between Indonesia and the Republic of Korea (IKCEPA).

If the Most Favoured Nation (MFN) import duty tariff rate is lower than the preferential import duty as stipulated in the IKCEPA, the applicable import duty tariff is the MFN.