JAKARTA, Oct. 16 -- Indonesia and South Korea announced here on Wednesday the conclusion of talks on a bilateral trade deal between the two countries.

It was announced by Indonesian Trade Minister Enggartiasto Lukita and his South Korean counterpart Yoo Myung-Hee.

The two signed a document marking the conclusion of the talks

"Should this agreement takes into effect next year, Indonesia may see a 20 percent trade growth with South Korea next year compared with last year," Lukita said on the sidelines of the document signing, which was witnessed by Indonesian Vice President Jusuf Kalla.

The two-way trade between Indonesia and South Korea after the implementation of the trade deal may reach 30 billion U.S. dollars by 2024, significantly higher than 18.62 billion dollars recorded in 2024, Lukita said.

The trade deal will be officially announced by Indonesia and South Korea leaders in the ASEAN-South Korea commemorative summit in November in South Korean city of Busan, Lukita said.