The government has agreed with Indonesia to launch joint feasibility studies for a bilateral free trade agreement (FTA).

The two nations will hold four joint research conferences from June with the target to declare the start of the bilateral FTA negotiations in November, during the South Korea-ASEAN summit this year.

A Foreign Ministry official said that South Korea has already signed an FTA with ASEAN, which includes Indonesia. However, the nation will specifically seek ways to upgrade bilateral economic and trade ties with Indonesia through feasibility studies of an FTA.

Trade between the two nations in 2010 amounted to 22-point-nine billion dollars, which makes Indonesia South Korea’s tenth largest trade partner.