“I hope both parties can follow up immediately by completing all necessary stages so the agreement can be signed this year,” Coordinating Minister for Economic Affairs, Airlangga Hartarto, said in St. Petersburg, Russia, according to an official statement released here on Friday.
He added that the agreement marks a pivotal moment in bolstering economic ties between Indonesia and the five-member bloc comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
He noted that both sides engaged in five rounds of negotiations and numerous intersessional meetings since talks commenced in December 2022.
Hartarto said that both sides have reached a substantive agreement and are now focusing on the ratification process and technical finalization, with the aim of swiftly implementing the agreement.
He expressed the hope that the agreement would open up new export avenues for Indonesia’s key commodities, such as crude palm oil (CPO) and its derivatives, copra, coffee, natural rubber, and cocoa butter.
Through the cooperation, Indonesia is anticipating increased imports of strategic commodities from the EAEU, including wheat, phosphates, coal, chemical fertilizer raw materials, as well as semi-finished iron.
Minister in charge of Trade of the Eurasian Economic Commission (EEC), Andrey Slepnev, applauded Indonesia for the positive negotiation outcome, emphasizing the Southeast Asian nation’s role in fostering trade relations and people-to-people contact.
“The Eurasian Economic Commission is ready to sign the agreement this year and is committed to doing its best to complete the necessary technical requirements,” he affirmed.
The trade agreement aligns with Indonesia’s broader strategy to diversify its export markets into non-traditional regions.
The Eurasian region is recognized for its substantial potential as both an export destination and a source of strategic investment, boasting an average GDP (gross domestic product) growth of 4.4 percent, which is higher than the global average.
Trade between Indonesia and the EAEU has shown robust growth, reaching US$1.57 billion during January–March 2025, marking a significant 84.63 percent increase compared to the same period in the previous year.
Indonesia is also actively seeking investments from EAEU nations in priority sectors, such as processing industries, transportation, logistics, mining, and agriculture.
Investment from the EAEU region into Indonesia has recorded a positive trend and totalled US$273.7 million in 2024.
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Reporter: Bayu Saputra, Uyu Liman
Editor: Azis Kurmala
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