The EAEU and Indonesia have completed negotiations on a free trade agreement.

July 9, Moscow . Andrey Slepnev, Member of the Board (Minister) for Trade of the Eurasian Economic Commission, and Airlangga Hartarto, Coordinating Minister for Economic Affairs of Indonesia, announced via videoconference the completion of negotiations on a free trade agreement. This was reported to BELTA by the EEC trade bloc.

"The Eurasian Economic Union continues to develop a network of economic partnerships with key friendly countries. Indonesia, as is well known, is a member of BRICS and one of the largest economies in Southeast Asia, with a population approaching 300 million," Slepnev noted. He also reiterated Indonesia's traditional interest in cooperation with EAEU states . 

"In absolute terms, the tariff reduction will affect approximately $3 billion in EAEU-Indonesian trade. We expect trade turnover between our countries to double within the next three to five years after the agreement comes into force. We anticipate a significant increase in supplies to Indonesia of both agricultural and industrial goods," the EEC Trade Minister predicted.

He added that the EAEU will receive preferential access to the Indonesian market, for example, for key items such as polymers, fertilizers, energy products, mining trucks, pipes, metals and non-ferrous metal products , and a wide range of electrical and mechanical equipment. Supplies of wheat, FLOUR, powdered MILK, confectionery, halal beef, and poultry are also on the table . "

The agreement will need to undergo the appropriate domestic approval procedures prior to its signing," the EEC added.