Belarus President Aleksandr Lukashenko has signed a law on ratifying the agreement on free trade between the Eurasian Economic Union and its member states on one side and Indonesia on the other side, the press service of the head of state told BelTA.
This international document is aimed at simplifying mutual trade, which will make it possible to create conditions for expanding export shipments and save money on paying customs duties.
BelTA reported earlier that the free trade agreement between the EAEU and Indonesia is designed to facilitate access to new markets that cover countries with the combined population of around half a billion people.
In accordance with the agreement, Indonesia opens up preferential access for the EAEU countries with regard to 90% of the trade classification. Preferential export coverage for the countries of the Eurasian G5 will cover more than 94% of the current export in cost terms. As a result of the trade regime liberalization, the average rate applied by Indonesia to EAEU goods has to drop fivefold from 10.2% to 2%.
In terms of commodities, preferential access for the EAEU will be enabled for such key agricultural goods as cereals (wheat, millet, rye, oats), spices, certain types of flour, bakery products, fish and meat of bovine animals, and dairy products, including milk powder and cheeses, mineral waters, and many other items.
As for the industrial sector, concessions for the EAEU have been granted for the following categories of goods: metallurgical products, petroleum products (including light and other distillates), coal and anthracites, fertilizers, primary polymers, forestry products (plywood, furniture, and so on), construction machines and vehicles, and various types of equipment.
In turn, Indonesia will also be able to increase shipments of a wide range of consumer goods. This includes, among other things, automotive components, electronics (household appliances), and certain types of clothing and footwear.
