Indonesia, Iran to sign preferential trade agreement
Indonesia and Iran will sign a preferential trade agreement (PTA) on May 23 to improve trade relations and boost the trade transaction value, Indonesia’s Trade Ministry announced on May 22.
Jakarta (VNA) – Indonesia and Iran will sign a preferential trade agreement(PTA) on May 23♊ to improve trade relations and boost the trade transactionvalue, Indonesia’s Trade Ministry announced on May22.
The ministry's directorgeneral of international trade negotiations, Djatmiko Bris Witjaksono said that it will be the second agreement between Indonesia and the Middle East region as thefirst was signed with UAE on July 1, 2022. According to Djatmiko, the PTAsigning will be carried out within the framework of Iranian President SeyyedEbrahim Raisi's visit to Indonesia from May 23 - 24. During his visit, the two countries will also hold a bilateralmeeting to discuss further trade cooperation potential. The PTA signing will continue with the ratification process,with each country formulating its own mechanism. The products that will belisted in the PTA will include processed foods, pharmaceutical products,rubber, paper, textiles, wood, footwear, cotton, electrical machinery, motorisedvehicles, manufacturing products, chemicals, and aluminum.
Indonesian products that are quite popular in the Iranian market such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish, willalso be given preference in the PTA.
Meanwhile, Indonesia willprovide lower tariff facilities for several products originating from Iran,including mineral fuel, oil and its derivatives, chemicals, steel,pharmaceuticals, mechanical equipment, fruits, processed foods, nuts, and wheat.
Djatmiko emphai♏sed that the&n𝄹bsp;PTA is very important as Iran is consideredas a country with huge economic capabilities in the Middle East region and vastnatural resources.
Indonesia sees Iran as a gateway to Central Asia, the official said, addingthat by entering Iran, Indonesia can enter surrounding areas such as Azerbaijan, and evenTurkey. The total tradebetween Indonesia and Iran reached 54.1 million USD in the first three months of this year and it was recorded at 257.2 million USD last year./.
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Illustrative photo (Photo: tasnimnews.com) 
