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Indonesia-UAE trade pact to create 55,000 highly skilled jobs by 2030
The accord, reached during a visit by President Joko "Jokowi" Widodo to Abu Dhabi, will remove or sharply reduce duties on most goods traded between the Muslim countries.
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A handout image provided by the UAE Ministry of Presidential Affairs shows President of Indonesia Joko Widodo offering condolences to Sheikh Mohamed bin Zayed al-Nahyan, President of the UAE and Ruler of Abu Dhabi, at the Presidential Airport in Abu Dhabi on May 15, 2022. The UAE's long-time de facto ruler Sheikh Mohamed bin Zayed Al Nahyan was on May 14 unanimously elected as president by the Federal Supreme Council, becoming the ruler of the oil-rich country founded by his father in 1971.
(AFP/Handout)
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ndonesia and the United Arab Emirates on Friday signed a free trade agreement, strengthening economic ties between Southeast Asia's largest economy and the major oil producing Gulf state.
The accord, reached during a visit by President Joko "Jokowi" Widodo to Abu Dhabi, will remove or sharply reduce duties on most goods traded between the Muslim countries.
The UAE economy ministry said palm oil, food products, fashion wear and Emirati petrochemicals, rubber products, plastics and steel would benefit from reduced or eliminated tariffs.
The accord includes chapters on services, investments, intellectual property rights and mutual recognition of each others' halal certification, Indonesia's trade ministry said.
The text of the agreement was not released and still needs to be ratified by both countries, which is largely procedural in autocratic UAE but could take months in democratic Indonesia.
Indonesia's main exports to the UAE are palm oil, jewelry and precious metals, while Emirati exports to Indonesia are mostly petroleum gases and non-crude oils, iron and non-alloy steel, according to the Observatory of Economic Complexity.
Oil rich UAE has forged closer trade ties with Indonesia as part of an ambition to double its own economy to $816 billion by the end of the decade, in part by signing free trade agreements.
