Russian govt supports ratification of free trade agreement between EAEU and Indonesia - Economic Development Ministry

MOSCOW. April 21 (Interfax) - The Russian government at a meeting on Tuesday supported the ratification of the agreement between the Eurasian Economic Union and Indonesia, according to a statement from the Economic Development Ministry.

The respective parties signed the document on December 21 last year during a meeting of the Supreme Eurasian Economic Council in St. Petersburg. "The document establishes a preferential trade regime for over 98% of Russian exports to the market of the world's fourth-most populous country," the Economic Development Ministry said.

"The average tariff on domestic products will reduce by more than half. The tariff will be zero for the vast majority of items, including fertilizer, ferrous metals, aluminum, cod, beans, flour confectionery, coffee concentrates, coal, petroleum products, and pharmaceuticals," the ministry said.

The Economic Development Ministry estimates that the agreement should allow Russian companies to save up to 2.9 billion rubles per year. "The preferential regime should facilitate the further expansion of mutual trade that is expected to grow approximately 40% compared to 2025 levels by 2030," the ministry forecasts.