Indonesia and Russia Strengthen Bilateral Economic Cooperation Amid Global Uncertainty

Kazan, INTI – As global uncertainties continue to rise, strengthening bilateral economic cooperation has become crucial for enhancing national economies. In line with this, the Indonesian government has been actively engaging in discussions with Russia to boost cooperation across various sectors.

On the sidelines of the Russia Halal Expo 2024 held in Kazan, Russia, Deputy for Coordination of International Economic Cooperation, Edi Prio Pambudi, met with the Russian delegation led by Deputy Minister of Economic Development, H.E. Dmitry Volvach, on Wednesday, May 15. The meeting, part of the Indonesia-Russia Trade, Investment, and Industry Working Group, focused on comprehensive discussions about the progress and future directions of economic cooperation between the two nations.

Deputy Edi expressed appreciation for the advancements made in economic collaboration between Indonesia and Russia. He emphasized the importance of further enhancing this cooperation, particularly in trade, industry, and investment sectors.

"Collaboration in the halal sector, encompassing technology, infrastructure, and investment, is a key focus of our bilateral agreement plans. Additionally, we reiterated our request for Russia to expedite the registration process for several Indonesian Fish Processing Units (UPI) entering the Russian market," stated Deputy Edi.

Deputy Volvach acknowledged the concerns raised by Indonesia and highlighted some issues from the Russian side, including the export of Russian meat products and pharmaceuticals to Indonesia. "We hope the Indonesian government will consider our request to export halal-certified Russian meat products. We also propose establishing a bilateral standardization agreement for pharmaceutical products," said Deputy Volvach.

Regulations concerning palm oil and coconut products from Indonesia also garnered significant attention during the meeting. "Indonesian palm oil products meet high international standards. We regret Russia's temporary ban on Indonesian coconut exports. We have made improvements and urge Russia to lift this ban," Deputy Edi emphasized.

Both deputies also discussed enhancing tourism cooperation and expediting the negotiations of the Indonesia-Eurasian Economic Union Free Trade Agreement (I-EAEU FTA). "The trade agreement with the EAEU is vital for bolstering trade cooperation. We hope this agreement benefits business players and sets a benchmark for improving the standards of Indonesian and EAEU member countries' export products," concluded Deputy Edi.

The meeting concluded with an agreement to continue communication regarding the schedule for the 13th Joint Commission Meeting (SKB) on Trade, Economic, and Technical Cooperation and the 6th Meeting of the Working Group on Trade, Investment, and Industry (WGTII) between Indonesia and Russia.

The meeting was attended by the Acting Assistant Deputy for Economic Cooperation with Europe, Africa, and the Middle East, the Deputy Chief of Mission of the Indonesian Embassy in Moscow, and representatives from the Coordinating Ministry for Economic Affairs, Ministry of Foreign Affairs, and the Indonesian Embassy in Moscow, along with officials from the Russian Ministry of Economic Development.