All news

Indonesia, EAEU to sign free trade agreement in December — newspaper

Indonesia witnessed a $7 mln surplus with the EAEU in the first half of 2025, the news report said, citing the trade ministry data

TOKYO, August 5. /TASS/. Indonesian authorities and the Eurasian Economic Union (EAEU) will sign an agreement establishing a free trade zone in Russia in December, the Jakarta Globe newspaper reported, citing Indonesian Foreign Minister Sugiono.

"This agreement will unlock new avenues for economic cooperation," Sugiono was quoted as saying after a meeting with his Belarusian counterpart Maxim Ryzhenkov in Jakarta.

Indonesia witnessed a $7 mln surplus with the EAEU in the first half of 2025, the newspaper said, citing the trade ministry data. The trade deal will include tariff reductions, according to the publication. The reduction in duties will affect $3 bln worth of trade, according to EAEU’s estimates. Trade turnover between signatories is expected to double within the next 3 to 5 years once it takes force.

Russian Foreign Minister Sergey Lavrov said following talks with Sugiono in June that the free trade agreement between Indonesia and the Eurasian Economic Union was about to be put forth, adding that Moscow expected its signing in the near future.