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Russia to expand trade with Indonesia–Jakarta looks to join Eurasian Economic Union

Originally published on RussiaFeed

Russia’s increasingly important good relations in South East Asia are not limited to its traditional Vietnamese ally nor its burgeoning relationship with Philippines under President Rodrigo Duterte. Russia’s trade partnerships in the region increasingly include Indonesia, a country with enormous economic potential and a country that is set to be on the south-eastern tip of China’s One Belt–One Road.

Sputnik reports,

“Russia supports Indonesia’s initiative to enter negotiations on the establishment of a free trade zone with the Eurasian Economic Union (EAEU), Russian Foreign Minister Sergey Lavrov said Wednesday.

“Indonesia shows interest in starting negotiations on creating a free trade zone with this union [EAEU]. The relevant proposal has been introduced and is now being considered. Russia backs it,” Lavrov said in the follow-up to the negotiations with his Indonesian counterpart Retno Marsudi.

Lavrov also discussed with Marsuri the idea of extending EAEU contacts by engaging the union in events conducted by Asia-Pacific Economic Cooperation (APEC) member states.

On Friday, a Russian ministry’s source told Sputnik that in May, Indonesia offered to establish a group dedicated to examining the feasibility of a free trade deal.

In January 2016, Russian Industry and Trade Minister Denis Manturov said Indonesia and the EAEU could enter talks on introducing a free trade zone, but also mentioned that the issue required a detailed, joint examination with EAEU member states.

The Eurasian Economic Union is a Russia-led bloc, comprising Russia, Kyrgyzstan, Kazakhstan, Belarus and Armenia, and aimed at developing intraregional economic ties and establishing the free flow of goods among its members”.

The increasing integration of the Eurasian Economic Union with China’s One Belt–One Road is a priority for Moscow. The potential of opening up the EAEU to Indonesia would be a crucial step in this direction as well as a sign that Russia’s increasingly diverse economic interests lie in all parts of Asia rather than with the west.

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Shahna
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Interesting…. this is what, the third nice deal added and within what, the last 10 days? Iran, Philippines and now Indonesia. Iran deals in anything except US dollars, the Philippines one was a barter deal and I suspect this one, being Eurasian Economic Union, is in “own currencies”….. 12-18 months ago, 40% of the world’s GDP (covering 50% of the world’s people) was trading in USD, own currencies and gold. (ie., not exclusively in USD.) Can you tell us what those figures are today? How much world wheeling and dealing is going on and no longer creating “just print more”… Read more »

Isabella Jones
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Isabella Jones

“The Eurasian Economic Union is a Russia-led bloc, comprising Russia, Kyrgyzstan, Kazakhstan, Belarus and Armenia,”

So a group of countries comprising Russia and her related ex Soviet ‘Stans form a trading bloc – and name themselves after two different regions. Europe [Germany, France, Italy etc] and Asia [China, Vietnam, Laos etc].

And the logic for this is………………………?

Great Expectations
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Great Expectations

Good. Russia deserves every success. Putin works hard to secure his people’s future, which is more than can be said for our treacherous western governments.

DarkEyes
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DarkEyes

Indonesia, with its nearly 350 million people, is the next economical giant.

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Russia to expand trade with Indonesia–Jakarta looks to join Eurasian Economic Union