Armenia approves ratification of free trade agreement between EAEU and Indonesia

The Armenian government has approved a draft law on the ratification of a free trade agreement between the Eurasian Economic Union (EAEU) and Indonesia. Following the government’s approval of the agreement on April 30, the document will be submitted to Armenia’s parliament for ratification and then sent to the president for signature.

The agreement aims to liberalize and facilitate trade in goods between the parties, including by reducing tariff and non-tariff barriers, promoting economic and trade cooperation, and encouraging the expansion of mutual trade.

“The agreement is expected to significantly enhance the competitiveness of goods from EAEU member states in the Indonesian market, thereby increasing exports to Indonesia and boosting trade and economic cooperation,” the explanatory note to the document states.