Indonesia expects to sign free trade deal with Russia-led union this year, minister says

JAKARTA: Indonesia expects to sign a free trade agreement with the Russian-led Eurasian Economic Union (EAEU) this year in a move likely to boost demand for its commodity exports, its senior economic minister said in a statement released on Friday.
Coordinating Minister for Economic Affairs Airlangga Hartarto said the agreement would open up new opportunities for commodities including crude palm oil, coffee and natural rubber.
Both parties announced on Thursday they had completed substantive talks for the agreement.
'I hope both parties can immediately follow this up by completing all the necessary stages of the process so that this agreement can be signed this year,' Airlangga said.
As of March, the value of trade between Indonesia and the EAEU stood at $1.6 billion, 85% more than the same period last year, Indonesia's coordinating ministry for economic affairs said.
The EAEU is already one of Indonesia's biggest palm oil buyers, with imports valued at $544.64 million in 2023.
The EAEU's main exports to the Southeast Asian nation include fertilisers and ferro-alloys.
The completion of Indonesia-EAEU FTA talks was announced on Thursday during President Prabowo Subianto's visit to Russia this week for a meeting with Russian President Vladimir Putin.
The EAEU has five members: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Star

10 minutes ago

• The Star

Russia continues work on Iran's Bushehr nuclear reactor: Putin

ST. PETERSBURG, June 20 (Xinhua) -- Despite the complex situation surrounding Iran, Russia remains committed to the Bushehr nuclear reactor project, Russian President Vladimir Putin said on Friday at the plenary session of the 28th St. Petersburg International Economic Forum. "Despite the complexity surrounding Iran, we completed the Bushehr nuclear reactor there. We've also signed contracts to build two additional reactors," Putin said. U.S. President Donald Trump promised to support Russia's demand to ensure the safety of Russian employees of the Bushehr Nuclear Power Plant, Putin said, adding that Russia acts within the framework of international norms in Iran and asks to ensure the safety of personnel in Bushehr. "Our specialists are on the ground in Bushehr -- 250 based there full-time and others on temporary deployment. The total workforce can hit 600. And we're not pulling out," Putin said during a meeting with the heads of major international news agencies in St. Petersburg. Putin also said that he is concerned about the situation around Iran's nuclear facilities. Threats to Iran's nuclear facilities require Russia to participate in the search for peaceful solutions, Putin added. In a Friday briefing at an emergency meeting of the UN Security Council, International Atomic Energy Agency (IAEA) Director General Rafael Grossi warned of the risk of nuclear contamination from Israeli attacks on Iranian nuclear facilities. Grossi said that the Bushehr Nuclear Power Plant is an operating nuclear power plant, which hosts thousands of kilograms of nuclear material. "I want to make it absolutely and completely clear: In case of an attack on the Bushehr Nuclear Power Plant, a direct hit could result in a very high release of radioactivity to the environment."

Barnama

7 hours ago

• Barnama

Ties Within BRICS Strengthening, Mutual Trade Growing

ST. PETERSBURG, June 20 (Bernama-RIA Novosti) -- Russian President Vladimir Putin said on Friday that ties within BRICS are strengthening and mutual trade is growing, with the trade turnover of the participating countries already exceeding US$1 trillion. "Special attention is being paid to strengthening ties within BRICS. The mutual trade turnover between our countries has already exceeded US$1 trillion and continues to grow. All of these are elements of a global growth platform. 'And they are based on the key principles of BRICS. And this is consensus, parity, and consideration of interests towards each other," Putin said at a plenary session of the 2025 St. Petersburg International Economic Forum (SPIEF), Sputnik/RIA Novosti reported.

The Star

7 hours ago

• The Star

Putin says 'the whole of Ukraine is ours' in theory, may take city of Sumy

Russia's President Vladimir Putin speaks during a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov ST PETERSBURG (Reuters) -President Vladimir Putin said on Friday that Russians and Ukrainians were one people, "and in that sense the whole of Ukraine is ours," and said he did not rule out Russia taking control of the Ukrainian city of Sumy. But Putin, speaking at an international economic forum in St Petersburg, said Russia had never doubted Ukraine's right to sovereignty, but noted that when Ukraine declared its independence in 1991 it was as a "neutral state". Putin, who says Russia is fighting in Ukraine to protect its own security, was answering a question about Russia's war aims. "We have a saying, or a parable," Putin said. "Where the foot of a Russian soldier steps, that is ours." Kyiv and its Western allies have rejected Moscow's claims to four Ukrainian regions and Crimea as illegal, and Ukrainian President Volodymyr Zelenskiy has repeatedly rejected the notion that Russians and Ukrainians are one people. Putin said Russian forces were carving out a buffer zone in Ukraine's Sumy region in order to protect Russian territory and said he did not rule out those same troops taking control of the regional capital of Sumy. (Reporting by Volodya Soldatkin; Writing by Lucy PapachristouEditing by Andrew Osborn)