Indonesia Eyes Trade Agreement with Tanzania

Indonesia and Tanzania have agreed to explore the possibility of establishing a bilateral Preferential Trade Agreement (PTA).

IDXChannel - Indonesia and Tanzania have agreed  to explore the possibility of establishing a bilateral Preferential Trade Agreement (PTA). 

"We are both pleased to note positive trend in our trade relations, increasing by 50% from 2019 to 2022, reaching over USD340 million," Indonesian Foreign Minister Retno Mardui said after meeting her Tanzanian counterpart Stergomena Tax in Jakarta on Thursday (22/6/2023). 

"Build on this momentum, Indonesia intends to export some other goods such as rubber tire, fertilizers, foods and beverages," Retno added.

Tanzania is the second largest trading partner for Indonesia in East Africa. The planned PTA is expected to boost trade ties between the two countries.

During the meeting, the two ministers also discussed investment cooperation, especially in the oil and gas sector.

"We discussed ways to increase Indonesia’s outbound investment in Tanzania. PT Indesso Aroma, for instance, plans to expand its Field Distillation Unit in Zanzibar and in Mainland, such as Tanga area," Retno explained.

"Our state-owned company, Pertamina, also seeks to expand its presence and acquire majority shares in Mnazi Bay Bloc operation through its subsidiaries, Maurel and Prom," she continued. (WHY)