The EAEU and Indonesia Conclude Free Trade Agreement

The Eurasian Economic Union (EAEU) continues to broaden its network of economic partnerships with key international stakeholders. On 9 July, negotiations were formally concluded on a Free Trade Agreement between the EAEU and the Republic of Indonesia.

The implementation of tariff reductions will apply to approximately $3 billion in trade turnover between the EAEU and Indonesia. It is projected that, within three to five years of the agreement entering into force, the volume of bilateral trade will double. The Free Trade Agreement is expected to significantly boost exports from the EAEU to Indonesia, encompassing both agricultural and industrial product categories.

The EAEU will gain preferential access to the Indonesian market for several key product groups, including, but not limited to, confectionery items. Before coming into effect, the Agreement must undergo the requisite domestic ratification and approval procedures in accordance with the internal regulatory frameworks of all participating states.