EAEC and Indonesia intend to create a free trade zone

The countries of the Eurasian Economic Union (EAEC), and Indonesia may start negotiations on the application of the mechanism of a free trade area (FTA). He told reporters the head of the Industry and Trade Minister Denis Manturov during a visit to Indonesia. According to him, this requires a detailed study of a panel of the EAEC, while Russia is an active participant in the negotiation process.

Interest on the part of the Indonesian colleagues manifested, he said, although it is a request for the signing of the FTA with the Indonesian side has been reported. Last year, the first such EAEC signed with foreign countries an agreement on free trade zone with Vietnam. The EAEC was seen as its successful entry into the Asia-Pacific region. It is based on the commitments of the easier access to its markets under the bilateral trade for suppliers of goods and services, as well as reduced rates of import customs duties and obligations to protect intellectual property rights.

This free trade zone between the EAEC and Vietnam did not come out of nowhere - the country for many years cooperated fruitfully. From 2010 to 2014 the mutual trade turnover grew by 61.5% to $ 4.2 billion.

As for Russia, then, according to Denis Manturova, Ministry of Industry expects to save in 2016 trade with Indonesia at around $ 2 billion. The countries aim was to achieve an annual turnover of five billion dollars more in 2011, recalled the minister. However, while the world economy was in a different state.

According to Denis Manturova, current oil prices do not allow in the near future to reach this figure. And to help realize the goal, mainly large-scale joint investment projects, said the Russian minister.

8 January 2016

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