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EghtesadOnline: Indonesia and Iran have agreed to finalize negotiations on a preferential trade agreement by the end of 2017.

Chief of the Indonesian team participating in the negotiation, Made Ayu Marthini, said the PTA is expected to increase bilateral trade from last year’s $338 million to $2 billion per year, Indonesian news agency Antara reported. Indonesia and Iran are optimistic about finalizing a PTA by the end of 2017 “to benefit the momentum of the implementation of Joint Comprehensive Plan of Action”, he said.

Indonesia and Iran on Sunday held a third round of negotiation in Tehran, after it was stalled in 2015. The two sides discussed a draft text of the agreement, including the list of commodities to be exchanged by their respective countries based on preferential tariffs.

The two countries agreed to establish a Trade Negotiating Committee in 2008 to negotiate the PTA. The first round of negotiations was held in 2010, followed by the second in 2015, according to Financial Tribune.

Bilateral trade between Indonesia and Iran during January-March increased significantly by 457.36%, compared to the same period of 2016.

Two-way trade reached $338.6 million in 2016, up 23.99% compared to $273.1 million in 2015.

According to the Indonesian Trade Ministry, bilateral trade in 2012 was recorded at $1.3 billion, down by $568.4 million in 2013. The figure dropped further to $448.7 million in 2014 and reached a record low in 2015.

 

preferential trade agreement Iran Indonesia trade Iran Indonesia PTA