Kazakhstan as part of the Eurasian Economic Union (EAEU) began the first round of negotiations on a free trade agreement between the member states of the Union and Indonesia, QazMonitor reports citing the ministry of trade and integration.
The negotiations started on April 3 in the Indonesian capital of Jakarta.
During the first round, the vice-minister of trade and integration Zhanel Kushukova noted that the Southeast Asian country is considered one of the world’s emerging economies with the fourth largest population just behind the U.S.
“A future free trade agreement will allow Kazakh goods to enter this market without customs duties,” Kushukova explained.
Currently, bilateral trade between the two countries totals nearly $400 million. Kazakhstan supplies Indonesia with ferroalloys, asbestos, several types of electrical equipment, and other goods worth $244.3 million. In 2022, imports from Indonesia amounted to $155 million.
The first round will last until April 5, 2023. The parties plan to discuss a number of sections of the future agreement, including trade in goods, rules of origin, technical barriers to trade, intellectual property, trade remedies, etc.
