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23 May 2023 - 13:34
Iran, Indonesia to sign PTA to boost trade

Ministry of Trade of Indonesia has announced that Iran and Indonesia are planned to sign a preferential trade agreement (PTA) to develop bilateral trade ties.

Director of international trade negotiations of Indonesia's Trade Ministry Djatmiko Bris Witjaksono said on Tuesday that the deal planned to be signed later in the day with Iranian officials in Jakarta will be will be the second such PTA between Indonesia and a country from the Middle East region, adding that Indonesia had  signed a PTA with the United Arab Emirates in July 2022. 

Pharmaceutical products, rubber, paper, textiles, wood, shoes, cotton, electrical machinery, motor vehicles, chemicals, and aluminum will be included in the preferential trade agreement between Iran and Indonesia, Witjaksono said.  

Indonesian products such as vegetable oil, cocoa, coffee, tea, spices, fruits, vegetables, and fish are very popular in the Iranian market, he added. 

The volume of Iran-Indonesia trade reached $54.1 million in the first quarter of the current year, the Indonesian Trade Ministry had reported earlier.

The ministry noted that Tehran and Jakarta have agreed on barter mechanisms for various goods and services.

Iranian President Ebrahim Raisi arrived in the Indonesian capital Jakarta for a state visit to the Southeast Asian country earlier in Tuesday. It is the first presidential visit between the two countries in 17 years.

News ID 195377

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