Russia, Indonesia Consider Free Trade Zone

Moscow expects Jakarta to assess its interest in establishing a free trade zone.

JAKARTA (Sputnik) — Russian and Indonesian authorities have discussed expanding mutual trade and the possibility of introducing a free trade zone, Russian Industry and Trade Minister Denis Manturov said Friday.

"As for cooperation with the Eurasian Economic Union, there is, of course, an interest from the Indonesian side, and we discussed this issue today with the coordinating minister for economic affairs. Of course, this requires detailed assessments by the EEU board, we will be active participants in this negotiation process," Manturov told reporters.

"There has been no request yet from the Indonesian side on a free trade deal, but we believe that our colleagues will assess their interest in this area," he added.

Russia Hopes to Keep Turnover With Indonesia at $2Bln in 2016

“The oil prices have dropped and it had an impact on the trade between our countries. I hope that turnover would not decline this year and would be at the same level as in 2015,” Manturov said.

The trade turnover between Russia and Indonesia over the first nine months of 2015 stood at about $1,8 billion, so the overall turnover is expected to make around $2 billion, the minister added.

The Russian and Indonesian Intergovernmental Commission set a goal in April to achieve $5 billion in trade between the countries by the end of 2015.

In November, Russia's trade representative to Indonesia Sergei Rossomakhov indicated a figure of $10 billion by 2018.