"The realization of the I-EAEU FTA will give a positive signal to the global market," he said during a meeting with the member of the board - minister in charge of trade of the Eurasian Economic Commission (EEC), Andrey Slepnev, in Jakarta on Thursday.
The two expressed the hope that the negotiations would be completed this year, considering that most of the main issues have been ironed out and the agreement is currently in the finalization stage.
Hartarto said that the agreement would be a key foundation for strengthening Indonesia's economic relations with the Eurasian region.
In addition to the FTA, during Thursday's meeting, the two also discussed strategic issues such as increasing market access for flagship products.
Related news: Prabowo, Russia's Manturov discuss Indonesia-Eurasian FTA progress
The I-EAEU FTA is a free trade agreement between Indonesia and member countries of the Eurasian Economic Union (EAEU), comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
As a trading bloc, the EAEU is a potential strategic partner for Indonesia, with a population of more than 180 million.
The value of trade between Indonesia and the EAEU has continued to show a positive trend, with total trade reaching US$4.09 billion in 2024, an increase of almost eight percent compared to the previous year.
Slepnev said that the EAEU is seeking to diversify trade with Indonesia and is ready to open a space for dialogue so that business players from both parties can get to know each other and better understand the potential for collaboration.
He also pointed out that EAEU members record an average GDP (gross domestic product) growth of 4.4 percent, which is higher than the global average growth.
In addition, he said, Indonesia's high GDP growth in the last few years also reflects the success of its policies.
The FTA, according to him, is a strategic opportunity for both parties to strengthen cooperation and support each other, especially in facing the challenging dynamics of global trade.
Related news: Indonesia looks to improve trade with Eurasia
Translator: Bayu Saputra, Raka Adji
Editor: Rahmad Nasution
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