Iran, Indonesia to activate preferential trade agreement to enhance economic ties
Date
5/26/2024 9:15:10 AM
(MENAFN) The director general of the East Asia-Pacific Office of the Trade Promotion Organization of Iran (TPO) has announced the forthcoming operationalization of the Preferential Trade Agreement (PTA) between Iran and Indonesia, aimed at bolstering trade-economic relations. Kaveh Daliri emphasized that Indonesia presents a promising market for Iranian products, as reported by Mehr News Agency.
Daliri highlighted that the primary goal behind signing the agreement is to enhance trade exchanges and cooperation between the two nations. By offering tariff discounts, countries facilitate market entry for each other's goods. To operationalize the PTA, Iran and Indonesia plan to establish a joint committee tasked with monitoring and updating lists and discounts.
Given Indonesia's status as the country with the largest Muslim population globally, Daliri underscored its significance as a lucrative market for Iranian products in Southeast Asia. He emphasized that the volume of trade exchanges between Iran and Indonesia is expected to significantly increase once the PTA is implemented.
According to the TPOI official, export products eligible for discounts under the agreement include raw materials for edibles, oil-based materials, high-value medical equipment, and electronic parts. This demonstrates the diverse range of goods targeted for enhanced trade cooperation between the two countries.
The Iranian Parliament granted approval for the PTA with Indonesia on May 17, following discussions on a report from the Parliament’s Economic Commission. The agreement was initially signed between Iranian President Ebrahim Raisi and Indonesian President Joko Widodo in Jakarta on May 23, 2023.
Iran’s Deputy Minister of Agriculture, Alireza Peimanpak, celebrated the agreement as Iran's first PTA with an Asia-Pacific country, underscoring its significance in expanding Iran's trade relations in the region.
MENAFN26052024000045015839ID1108258606
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.