MOSCOW, Jul 10 (BelTA/APP): On 9 July Member of the Board (Minister) for Trade of the Eurasian Economic Commission Andrey Slepnev and Coordinating Minister for Economic Affairs of Indonesia Airlangga Hartarto announced via videoconference that they had concluded negotiations on a free trade agreement, BelTA learned from the EEC trade bloc.
“The Eurasian Economic Union continues to develop a network of economic partnerships with key friendly nations. And Indonesia is both a member of BRICS and one of the largest economies in Southeast Asia with a population approaching 300 million people,”Andrey Slepnev noted. That said, Indonesia has long been interested in cooperation with the EAEU states.
“In absolute terms, the free trade agreement between the EAEU and Indonesia is expected to lead to a reduction in duties on approximately $3 billion in trade. We expect that trade between our countries will double over 3-5 years after the agreement comes into force. We expect to significantly ramp up our exports of agricultural and industrial goods to Indonesia,” the EEC Trade Minister remarked.
According to him, the EAEU will receive preferential access to the Indonesian market, for example, for such key items as polymers, fertilizers, energy resources, dump trucks, pipes, metals and non-ferrous metal products, a wide range of electrical and mechanical equipment. This also pertains to wheat, flour, powdered milk, confectionery, halal beef, and poultry.
“The agreement needs to go through internal approval procedures before it can be signed,” the EEC added.