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Indonesia to sign trade agreement with Iran next week
Indonesia and Iran have concluded the final stage of negotiations on a trade agreement they plan to sign between May 22 and 24.
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Iranian President Ebrahim Raisi is welcomed upon his arrival at Damascus airport in Syria on May 3. (Reuters/Yamam al Shaar)
J
akarta and Tehran have concluded the final stage of negotiations on a bilateral trade agreement, the Indonesian Trade Ministry said on Wednesday.
The announcement came after the two sides finished a seventh round of talks, and the ministry said the governments could now proceed to sign the documents on the deal, which is called the Indonesia–Iran Preferential Trade Agreement (II-PTA).
The ministry said Indonesia and Iran would sign the trade agreement during a visit of Iranian President Ebrahim Raisi to Jakarta between May 22 and 24.
“Iran is a nontraditional trade partner for Indonesia. With this PTA, we hope to widen our export opportunities and expand our market reach, especially in the Middle East and Persia,” Johni Martha, the ministry’s director of bilateral negotiations.
Read also: Indonesia signs CEPA, defense protocols, other deals with UAE
Indonesia has been looking to new markets to diversify its export options and thereby reduce its reliance on traditional trade partners, many of which have been affected by a weakened global economy and geopolitical risks.
The government aims to speed up the country’s economic recovery from the impacts of the COVID-19 pandemic by increasing its exports.
