South Korea has resumed bilateral trade talks with Indonesia after a hiatus of five years.

According to Seoul's Ministry of Trade, Industry and Energy, Trade Minister Kim Hyun-chong met his Indonesian counterpart Minister Enggartiasto Lukita in Jakarta on Tuesday at a business forum and the two sides declared the resumption of negotiations for their Comprehensive Economic Partnership Agreement(CEPA).

South Korea signed a free trade agreement in 2007 with the ten-member Association of Southeast Asian Nations(ASEAN) which includes Indonesia.

Seoul and Jakarta then launched trade talks on a separate bilateral CEPA in March 2012, but talks were halted after the seventh meeting in early 2014 as the two sides failed to narrow their differences.

This time around, Seoul says it will push for a higher-level comprehensive deal that is mutually beneficial and encompasses trade, investment and economic cooperation.

Minister Kim vowed that the government will try to conclude negotiations within the year so that Korean firms can gain an advantage while competing in the Indonesian market.

Indonesia is a key country in South Korea's New Southern Policy initiative.