JAKARTA, Dec. 22 (Xinhua) -- Indonesia and the Eurasian Economic Union (EAEU) have opened a new chapter in their economic partnership after Minister of Trade Budi Santoso signed the Indonesia-EAEU Free Trade Agreement (FTA) on the sidelines of the EAEU Summit in St. Petersburg, Russia, on Sunday, in the presence of leaders of member states, including Russian President Vladimir Putin.
"The Indonesia-EAEU Free Trade Agreement is not only about tariff reductions, but about building mutually beneficial and sustainable economic bridges," Budi said in a press release on Monday.
Negotiations on the Indonesia-EAEU FTA began in 2023. The agreement comprises 15 chapters, including provisions on market access for goods and trade facilitation. Under the deal, the EAEU has committed tariff preferences covering 90.5 percent of total tariff lines, representing 95.1 percent of the bloc's total import value from Indonesia.
These tariff preferences are expected to enhance the competitiveness of Indonesia's key export products, including palm oil and its derivatives, footwear, textiles and textile products, fisheries products, natural rubber, furniture, as well as manufactured goods such as electronics.
Chairman of the Eurasian Economic Commission Bakytzhan Sagintayev expressed hope that the implementation of the FTA would double trade between the two sides. ■