Indonesian Trade Minister Zulkifli Hasan (right) and a member of the Eurasian Economic Commission (EEC) Board and EEC Minister for Integration and Macroeconomics, Sergei Glazyev (Photo source: antaranews)

Jakarta - Indonesia’s Minister of Trade Zulkifli Hasan has called for the promotion of economic cooperation between his country and the Eurasian Economic Union (EAEU), saying he expects the free trade agreement (FTA) between the two sides to be completed soon.

At his recent meeting with a member of the Eurasian Economic Commission (EEC) Board and EEC Minister for Integration and Macroeconomics Sergei Glazyev, Hasan said that the launch of negotiations on the Indonesia-EAEU free trade agreement last December is a historic moment to bolster bilateral relations to a higher level.

During their meeting, Hasan and Glazyev also talked about the Indonesia-EEC Joint Working Group (JWG). The Indonesian minister said that the two parties have entered into a memorandum of cooperation (MoC) to establish the JWG as a discussion forum on trade and investment technical cooperation.

Indonesia welcomes various initiatives to optimise the potential of bilateral economic relations, he said, adding that it is very important for both parties to complete negotiations as soon as possible.

Meanwhile, Glazyev said that although the bilateral trade has been quite good, there are still opportunities to improve it.

FTA agreements and discussions on technical cooperation under the MoC are expected to encourage two-way trade and investment flows, he added.

From January to November 2022, the total trade between Indonesia and the EAEU reached 4 billion USD, up 32.75% year on year.