President Moon Jae-in expressed expectations Friday for closer South Korea-Indonesia partnership and co-prosperity under their free trade agreement.

The two sides signed the Comprehensive Economic Partnership Agreement (CEPA) earlier in the day.

"With CEPA, we became even closer and more special friends," he wrote on his social media account. "With CEPA, Indonesia and Korea came to open markets to a greater extent than when we signed RCEP and Korea-ASEAN FTA."

Thanks to reduced tariff barriers, he added, companies in both countries will benefit from "more favorable investment conditions."

It would also provide firms in the online game, retail, and construction service sectors with greater opportunities to make inroads into Indonesia's domestic market of 270 million people, according to Moon.

"Now under the umbrella of 'CEPA', our two countries will grow a tree of co-prosperity and cooperation," he added.

He thanked President Joko Widodo and the people of Indonesia for "for extending unwavering friendship and trust to Korea." (Yonhap)