Indonesia is ready to sign the Indonesia-Eurasian Economic Union Free Trade Agreement (I-EAEU FTA). With this new trade agreement, trade value is expected to double. This is a trade cooperation between Indonesia and countries across Europe and Asia.
Trade Minister Budi Santoso explained that, according to the initial plan, the agreement was to be signed in 2026 but has been accelerated to before the end of 2025. Currently, the government continues to engage in intensive communication with the EAEU Secretariat regarding confirmation of the time and place of signing. The target for signing the I-EAEU FTA is as early as December 20-21, 2025, in St. Petersburg, Russia.
Indonesia has many market opportunities in EAEU member countries, including Kazakhstan, Russia, Armenia, Belarus, and Kyrgyzstan. These countries are promising potential markets with a growing population.
"I am targeting that with this trade agreement, Indonesia's trade value with the Eurasia region will double," said Budi at the "Strategic Forum on International Trade: Indonesia-EAEU FTA" event at the Fairmont Hotel in Jakarta on Monday (12/15/2025).
According to Budi, Indonesia's trade with the EAEU has continued to show a positive trend. In 2024, Indonesia's exports reached US$ 1.9 billion, up 47.03% compared to US$ 1.3 billion in 2023.
Meanwhile, total trade in 2024 is recorded at US$ 4.5 billion. In the last five years, the average growth in total trade between Indonesia and the EAEU has been recorded at 21.45%.
This surge in trade growth is projected to boost Indonesia's Gross Domestic Product (GDP) by 1.3% or US$ 8 billion, increase revenue by up to 1.5%, and increase Foreign Direct Investment (FDI) by more than 4%.
Key Partner in the ASEAN Region
Deputy Prime Minister of Belarus Viktor Karankevich said Indonesia is one of the main partners in the Southeast Asia region. Although geographically distant, the two countries have many similarities, particularly in terms of multisectoral foreign policy oriented towards partnership development.
"This is the basis for cooperation and negotiation because the economies of Indonesia and Belarus complement each other," said Viktor.
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Viktor said that his party has currently supplied fertilizer and a number of food products to Indonesia. The EAEU is ready to expand cooperation in other areas, particularly to support President Prabowo Subianto's national development agenda.
Director General of International Trade Negotiations at the Ministry of Trade, Djatmiko Bris Witjaksono, said that the main benefit for Indonesia after the I-EAEU FTA trade agreement was signed was broad market access, opening the door to the Eurasian Economic Union (EAEU) market, which has a population of more than 460 million, as well as becoming a gateway to Eastern Europe and Central Asia.
The I-EAEU FTA could also boost exports of agricultural products (CPO, coffee, cocoa) and resource-based manufacturing, as well as increase the competitiveness of Indonesian products such as textiles and electronics.
"Reducing dependence on traditional markets, especially amid changes in global tariff policies, for example in the US," he said.
The I-EAEU FTA can also attract investment from EAEU countries to priority sectors in Indonesia such as processing, transportation, logistics, mining, and encourage investment in advanced technology.
Open Opportunities for Collaboration
PT Bio Farma President Director Shadiq Akasya said that the trade agreement with the EAEU would benefit the business world and open up opportunities for collaboration.
Opportunities for collaboration between Bio Farma and the EAEU could include research and development (R&D). Bio Farma could work with research institutions in EAEU countries to develop vaccines and innovative health products, given the EAEU's strong scientific potential.
"The collaboration could include technology transfer to increase Bio Farma's production capacity, especially for strategic products," he said.
The EAEU countries are a potential market for Bio Farma's pharmaceutical products, including vaccines and biological products. In line with Shadiq, Aprindo's Head of Fisheries and Livestock Hendra Sugandhi said that the EAEU countries are developing countries, and with the I-EAEU FTA agreement, the trade value between the two countries can grow rapidly.
Indonesian fishery products exported to the Eurasia region (especially Russia) include shrimp, seaweed, tuna, snapper, grouper, mackerel, skipjack tuna, and other processed products such as octopus and squid, with a focus on shrimp and seaweed, which are in high demand in Russia.
Indonesian Trade Attaché in Moscow Ardianto Mahdi Wibowo said that the expected opportunity from the I-EAEU FTA agreement is energy access, the potential to obtain cheaper energy from Russia.
Better market access for Indonesia's leading products such as CPO, plantation products, textiles, and electronics, expanding the penetration of national products in the Eurasia region, and strengthening supply chain resilience.
