JAKARTA, 03 July 2022, (TON): Indonesian officials have said they are hopeful of increasing the country’s exports to the Middle East after the signing of a new wide-ranging economic pact with the UAE.
Indonesia’s Trade Minister Zulfikli Hasan and UAE Economy Minister Abdullah bin Touq Al-Marri signed the Comprehensive Economic Partnership Agreement in Abu Dhabi, after talks aimed at eliminating tariffs and boosting investment between the two countries were launched last September.
Bilateral trade volume reached almost $4 billion in 2021, according to data from Indonesia’s Trade Ministry, showcasing an increase of nearly 38 percent from the previous year, when it was worth $2.9 billion.
The agreement is Indonesia’s first with a Gulf country and the UAE’s first with a Southeast Asian nation.
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