During a meeting of the Supreme Eurasian Economic Council in Saint Petersburg, the Eurasian Economic Union (EAEU) and Indonesia signed a Free Trade Agreement (FTA), marking a new step in strengthening economic cooperation between Eurasia and Southeast Asia. This is reported by the
official website of the Ministry of Economic Development of the Russian Federation.
The agreement was signed on behalf of the Russian Federation by Deputy Prime Minister Aleksey Overchuk.
According to Russia’s Minister of Economic Development Maksim Reshetnikov, the FTA will provide Russian exporters with preferential conditions for accessing the Indonesian market – the fourth most populous country in the world – while also creating new opportunities to expand Russia’s trade presence across ASEAN.
“The potential of Russian–Indonesian trade has not yet been exhausted,” the minister said. He noted that bilateral trade turnover has grown 1.3 times over the past five years, with further positive momentum recorded in January–October, when mutual trade increased by more than 15 per cent year on year.
Under the agreement, 99 per cent of Russia’s current exports to Indonesia will receive preferential market access. The removal of customs duties is expected to generate annual savings of up to approximately US$36.2 million for Russian exporters.
The FTA also establishes a framework for trade diversification and enhanced cooperation in industry, agriculture, the digital economy, and other areas of shared strategic interest.
Once fully implemented, Indonesia’s average tariff level on Russian goods will fall from 8 per cent to 3.2 per cent, while the vast majority of shipments will be fully exempt from customs duties, significantly improving price competitiveness and long-term trade sustainability.
Photo: ipopba /
iStock
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