EAEU and Indonesia conclude free trade agreement negotiations to boost bilateral trade
The agreement must now undergo the necessary domestic procedures within both parties prior to its official signing
The Eurasian Economic Union (EAEU) and the Republic of Indonesia have officially concluded negotiations on a Free Trade Agreement (FTA), aiming to enhance economic cooperation between the two parties.
The announcement was made on 9 July during a video conference between EAEU Trade Minister Andrey Slepnev and Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto. This is reported by BelTa, a partner of TV BRICS.
Experts claimed that Indonesia, a full member of BRICS and one of Southeast Asia’s largest economies with a population nearing 300 million, has long demonstrated interest in strengthening ties with EAEU member states.
Minister Slepnev projected that total trade volume between the EAEU and Indonesia could double within three to five years after the agreement enters into force. Substantial growth is anticipated in exports of both agricultural and industrial goods from the EAEU to Indonesia.
Under the agreement, the EAEU will receive preferential access to the Indonesian market across key sectors, including polymers, fertilisers, energy products, mining trucks, pipes, metals, and non-ferrous metal products, as well as a broad range of electrical and mechanical equipment.
In the agricultural domain, access will be expanded for exports of wheat, flour, powdered milk, confectionery, and halal-certified beef and poultry.
The agreement must now undergo the necessary domestic procedures within both parties prior to its official signing. Once implemented, the FTA is expected to strengthen trade flows, create new export opportunities, and foster deeper economic integration between the EAEU and Indonesia, as reported by the source.
Photo: iStock
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