Jakarta, hitclubapk3 Indonesia
—
Minister of Trade (Mendag)
Budi Santoso
target
export
Indonesia to the Eurasian Economic Union (EAEU) countries doubled after
trade agreement
Indonesia and Russia et al were completed.
Currently, technical discussions on the trade pact have entered the final stage.
“Next week there will be an EAEU Summit, hopefully it will be possible later, but in principle it has been completed, so thank you for your high appreciation to the EAEU, for completing all the EAEU and Mr. Johni (Expert Staff for International Relations at the Ministry of Trade) frequently communicates, this morning we also communicated,” said Budi at the Ministry of Trade Office, Central Jakarta, Friday (12/12).
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Budi explained that the current value of Indonesia’s trade with the Eurasian region does not yet reflect its true potential.
“Well, our total exports are only US$4.1 billion, but we have huge potential to go there,” he explained.
According to Budi, tariffs in EAEU cooperation are not yet 0 percent and will be reduced gradually, but this mechanism is considered to still provide benefits for Indonesia because the market in the region is large.
Budi also mentioned that Indonesia has been importing a number of capital goods from EAEU countries, including wheat and fertilizer, while Indonesian commodities that have the potential to grow in the Eurasian market include crude palm oil (
crude palm oil/
CPO) and textiles which he considers to have a very large market.
“Our market there is quite large and we also import capital goods, there wheat and fertilizer are used for fertilizer. Well, he is also happy and we have potential for CPO, then textiles, the market for textiles is very large,” he explained.
Budi previously confirmed that Indonesia was ready to sign the Indonesia-Eurasian Economic Union Free Trade Agreement (I-EAEU FTA) in the near future.
The government is still aligning the signing time, with the earliest target being 20-21 December 2025 at the EAEU Summit, St Petersburg, Russia.
All EAEU member countries are currently completing their respective internal procedures ahead of finalization.The signing is targeted to be carried out at the trade minister level in the presence of heads of state.
In 2024, Indonesia’s trade value with the EAEU will be recorded at US$4.1 billion.Indonesia’s exports reached US$1.5 billion, growing 36 percent compared to the previous year, while imports were at US$2.4 billion, down 4 percent on an annual basis.
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