EAEU and Indonesia Sign Free Trade Agreement

Members of the Eurasian Economic Union (EAEU) and Indonesia signed a landmark free trade agreement at the summit in St. Petersburg.

The document was signed by Russian Deputy Prime Minister Alexei Overchuk, representing the Russian side, and Indonesian Minister of Trade Budi Santoso. Negotiations on the agreement were actively conducted and discussed, in particular, during the recent visit of Indonesian President Prabowo Subianto to Moscow and his meeting with Russian leader Vladimir Putin in early December.

According to the EAEU’s forecasts, the conclusion of this agreement should lead to a doubling of trade between the countries within three to five years. Russian Ambassador Sergey Tolchenov clarified that the agreement provides for a reduction of 80 to 90 percent of customs duties to zero.

By gaining preferential access to the Indonesian market, the EAEU countries will be able to expand their exports of goods such as fertilizers, energy resources, and mechanical equipment.