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Iran, Indonesia Ink PTA to Boost Bilateral Trade

May 22, 2024, 9:12 AM
News ID: 843770
Iran, Indonesia Ink PTA to Boost Bilateral Trade

The director general of the East Asia-Pacific Office of the Trade Promotion Organization of Iran (TPOI) announced that the Preferential Trade Agreement (PTA) was signed between Iran and Indonesia to enhance trade-economic ties.

EghtesadOnline: Kaveh Daliri said Indonesia is a lucrative market for the Iranian products.

Increasing the trade exchanges and joint cooperation between the two countries is the main objective behind signing the agreement, he said, adding that countries facilitate the process of entering each other's markets by considering the tariff discounts.

The two countries intend to set up a joint committee for the operationalization of the preferential trade agreement which is tasked with monitoring and updating the lists and discounts that Iran and Indonesia consider for each other.

Indonesia has the highest number of Muslim population in the world, so that this southeast Asian country is a good and profitable market for the Iranian products, Daliri underlined, IBENA reported.

Once the preferential trade agreement is signed, the volume of the trade exchanges between the two countries will considerably increase, the director general emphasized.

Raw materials for edibles, oil-based materials, medical equipment with high added value, electronic parts are of the export products that the two sides have considered discounts, the TPOI official added.

Earlier on May 17, the Iranian Parliament gave go-ahead to PTA with Indonesia. The lawmakers passed a bill on the preferential trade agreement between Iran and Indonesia after discussing a report from the Parliament’s Economic Commission in that regard. / Tasnim

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