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Indonesia targets finalisation of EU and Eurasian trade agreements in 2025

These two agreements are expected to broaden and improve market access for Indonesian products in both Europe and the Eurasian region, while enhancing the nation’s competitiveness globally.

Minister of Trade Budi Santoso. (Photo: ANTARA)
Minister of Trade Budi Santoso. (Photo: ANTARA)

Jakarta (VNA) - The Indonesian Government is accelerating negotiations on the Indonesia-European Union Comprehensive Economic Partnership Agreement (I-EU CEPA) and the Indonesia-Eurasian Economic Union Free Trade Area (I-EAEU FTA), which are expected to be completed in 2025.

According to Indonesian Minister of Trade Budi Santoso, these two agreements are expected to broaden and improve market access for Indonesian products in both Europe and the Eurasian region, while enhancing the nation’s competitiveness globally.

Santoso explained that both agreements will help diversify Indonesia’s export markets and serve as alternatives for products affected by US's tariff policies.

The trade agreements will particularly focus on labour-intensive manufactured goods, as well as agricultural and aquatic products, palm oil, textiles, and electronics.

Both agreements are expected to support micro, small, and medium-sized enterprises (MSMEs), promoting investment and sustainability.

Negotiations for the I-EU CEPA began on July 18, 2016. After nine years, the 19th round of negotiations took place from July 1 - 5, 2024, in Bogor, West Java.

Meanwhile, the I-EAEU FTA talks began on December 5, 2022, with the fourth round held from March 18 to 20, 2024, in Yerevan, Armenia./.

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