Indonesia to establish free trade zone with EAEU

Added On August 11, 2017

Indonesia and Russia have agreed to establish a free trade agreement between the largest ASEAN economy and Eurasian Economic Union, or EAEU. 
Indonesian Foreign Minister Retno Marsudi and her Russian counterpart Sergey Lavrov discussed the issue during a meeting in Jakarta on Wednesday. 
The free trade zone consists of five countries with a total of 4.47 trillion dollars. 
The Eurasian Economic Union is a Russia-led bloc, comprising Russia, Kyrgyzstan, Kazakhstan, Belarus and Armenia.
Indonesia previously filed the request to create free trade agreement with Eurasian Economic Union.  
SOUNDBITE: RETNO MARSUDI, Indonesian foreign minister
"We discussed the possibility of Indonesia to launch FTA with Eurasian Economic Union soon. The Indonesian trade minister filed request last May to launch FTA."
Apart from economy, Indonesia and Russia agreed to deepen the existing security and tourism cooperation. 
Both foreign ministers signed the three years Indonesia and Russian consultation plan. 
Two-way trade between Indonesia and Russia from January to April stood at about 789 million U.S. dollars, up almost 51 percent from the same period last year.