Russia, Indonesia to sign preliminary free trade agreement at SPIEF with concessions for 93% of goods

ST. PETERSBURG. June 20 (Interfax) - Russia and Indonesia will sign a preliminary agreement on the establishment of a free trade area at the St. Petersburg International Economic Forum, with plans to sign the full agreement with the participation of all Eurasian Economic Union (EAEU) countries by the end of this year, Russian Deputy Industry and Trade Minister Roman Chekushov said at a meeting of the State Council committee for the International Cooperation and Export national project.

"We are already signing the preliminary agreement with Indonesia at SPIEF, so we expect to be signing the full agreement this year," he said.

The deputy minister said that the FTA agreement would apply to around 93% of all mutually traded goods. "That means that 93% of the whole range of goods will be subject to duty-free trade," he said.

According to materials from the Industry and Trade Ministry, the signing of the FTA with Indonesia will boost industrial exports in this direction by $200 million (+30% compared to 2021) and agricultural exports by $100 million (1.5-fold higher than 2021). The agreement will cover 98% of Russian exports to the country.

The list of goods covered by the agreement includes fertilizers, automotive products, timber processing goods (panel products, paper and furniture), tires and other manufactured goods.

He also confirmed plans to sign FTA agreements with Mongolia and the UAE in 2025. The agreement with the UAE will stipulate various tariff concessions for up to 98% of mutually traded goods.