Indonesia and EU Close to Sealing Historic Trade Deal

In a significant development, Indonesia and the European Union are set to wrap up their protracted free trade negotiations by June 2025, according to Indonesia's chief economic minister, Airlangga Hartarto. This deal promises zero tariffs on 80% of Indonesian exports to the EU.

During a meeting in Brussels, Hartarto discussed critical issues with EU Commissioner for Trade Maros Sefcovic. Key topics included enhancing market access for Indonesian products such as footwear, garments, palm oil, and fisheries, and removing various non-tariff barriers.

The EU, Indonesia's fifth-largest trade partner, is expected to see a significant rise in imports, boosting Indonesia's exports by over 50% within a few years post-agreement. The negotiations are crucial as Indonesia seeks to diversify export destinations amidst U.S. tariff challenges.

(With inputs from agencies.)