Positive prospect from the new FTA between Indonesia and Kazakhstan (Eurasian Economic Union members)
The new FTA between Indonesia and Kazakhstan is expected to bring great news to the development of both countries, especially Indonesia as Kazakh suppliers will have the ability to fast transport, export their products into the Indonesia market.
Kazakhstan’s Ministry of Trade and Integration recently stated that the first round of negotiations to conclude a free trade deal between Eurasian Economic Union members and Indonesia had begun.
The aspects to be discussed include the specifics of the proposed agreement, such as commodity trade, origin-specific laws, technology trade barriers, intellectual property rights, and trade remedies.
According to Zhanel Kushukova, Kazakhstan’s vice minister of business and integration, “the future free trade agreement will allow Kazakh suppliers to enter Indonesia’s market with one of the fastest growing economies duty-free.”
This is a reference to the $400 million commerce between Indonesia and Kazakhstan.
Kazakhstan exports $244.3 million in ferroalloys, asbestos, and particular electrical items to Indonesia, which in turn supplies Kazakhstan with home goods and autos. Indonesian imports reached $155 million in 2022.
Even though the negotiating process has only just began, this event is a terrific signal for local firms and will divert their attention to this undeniably intriguing market, according to Kushukova.
FTA between Indonesia and Kazakhstan
Indonesia and Kazakhstan are drafting a Free Trade Agreement (FTA) aimed at boosting trade and investment between the two countries. The FTA covers a wide range of areas, including trade in goods and services, investment, intellectual property, e-commerce, and government procurement.
Under the FTA, Indonesia and Kazakhstan will eliminate tariffs on a significant number of products traded between the two countries. This will help reduce the cost of imported goods and increase market access for businesses in both countries. In addition, the agreement includes provisions to facilitate trade in services, such as telecommunications, financial services, and professional services.
The FTA also includes measures to protect intellectual property, including patents, trademarks, and copyrights. It establishes a framework for cooperation between the two countries in the areas of IP protection and enforcement, as well as promoting the use of IP rights to drive innovation and economic growth.
Another key feature of the FTA is the inclusion of provisions on e-commerce, which will help facilitate cross-border digital trade between Indonesia and Kazakhstan. This includes measures to promote paperless trade, protect consumer privacy, and facilitate the recognition of electronic signatures and contracts.
The Indonesia-Kazakhstan FTA is expected to create new opportunities for businesses in both countries, deepen economic ties, and promote regional integration.
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