UAE signs free trade agreement with Indonesia after deals with India, Israel
The UAE has a similar deal in the works with a South American country next.
The United Arab Emirates has signed another trade agreement, this time with Indonesia.
The UAE signed the Comprehensive Economic Partnership Agreement with Indonesia on July 1. The deal removes a variety of tariffs on goods and services traded between the two countries. The UAE hopes to boost trade with the southeast Asian country to $10 billion annually within five years from the $3 billion traded in 2021, the official Emirates News Agency reported.
Indonesia also seeks to boost its exports to the Gulf and Middle East with the agreement, according to the Indonesian Ministry of Trade.
The main Emirati exports to Indonesia in 2020 were petroleum and related-materials. The main Indonesian exports to the Emirates were palm oil, jewelry and automobiles, according to the US-based Observatory of Economic Complexity.
