Trade Minister Budi Says RI Is Ready To Expand Markets Through Trade Agreements With Eurasia

Minister of Trade Budi Santoso. (Photo: Doc. Antara)

BOGOR - Trade Minister Budi Santoso said Indonesia is ready to expand market access through trade cooperation with the Eurasian Economic Union (EAEU).

Budi said, the entire internal process towards the signing of the Free Trade Agreement (FTA) with the economic block was in the final stages.

"The Indonesian government is fully committed to completing the Indonesia-EAEU FTA because this agreement is strategic to expand market access and strengthen Indonesia's economic cooperation with the Eurasian region," he said in an official statement, Thursday, December 11.

Budi said the Ministry of Trade continues to communicate intensively with the EAEU Secretariat to ensure the time and location of the targeted signing can be carried out no later than December 20 to 21, 2025 during the EAEU Summit in St. Petersburg, Russia.

Furthermore, Budi said that all member countries of the Eurasian Economics Union are now finalizing their respective internal procedures before the agreement can be finalized.

"This agreement is expected to be signed at the level of the Minister of Trade in front of the heads of state who are present at the upcoming EAEU Summit," he said.

For your information, Indonesia's trade with the Eurasian Economic Union was recorded at 4.1 billion US dollars in 2024. Meanwhile, Indonesia's exports to the Eurasian Economic Union were recorded at 1.5 billion US dollars, up 36 percent from the previous year.

Meanwhile, Indonesia's imports from the Eurasian Economic Union were recorded at US$2.4 billion. The lift fell 4 percent from the previous year.