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View all search resultsRI inks trade deal with EAEU, eyes Eurasian market expansion
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A container terminal at Tanjung Priok Port in Jakarta is pictured in February 2025. (Reuters/Willy Kurniawan)
I
ndonesia has signed a free trade agreement (FTA) with the Eurasian Economic Union (EAEU) to diversify exports and secure a stronger foothold in a promising “nontraditional market” of nearly 200 million people.
The trade pact promises to open up market opportunities for Indonesia in Armenia, Russia, Belarus, Kyrgyzstan, Kazakhstan and other countries of the Eurasian region.
The pact, designed to provide a comprehensive legal framework and certainty for businesses, is sealed against a backdrop of robust bilateral trade growth.
In 2024, total trade between Indonesia and the EAEU bloc reached $4.52 billion, with an average annual growth rate of 21.45 percent over the past five years. The government aims to double this trade volume, leveraging the deal to reduce dependency on certain primary markets.
Trade Minister Budi Santoso expressed optimism about the pact, stating it would “establish a strategic foundation to boost trade, investment and diverse forms of mutually beneficial economic cooperation.”
"To ensure swift and effective implementation, closer commercial ties must be forged between businesses and all relevant stakeholders,” he said in a statement issued on Monday.
Read also: RI maintains trade surplus despite oil, coal export slump
