Iran parliament enforces PTA with Indonesia

News code : ۱۴۸۲۴۳۳

Iranian parliament has ratified a last year preferential trade agreement (PTA) with Indonesia.

The PTA was signed between Iranian President Ebrahim Raisi and his Indonesian counterpart Joko Widodo in Jakarta on May 23, 2023.

Writing on his official X account, Iran’s Deputy Minister of Agriculture Alireza Peimanpak hailed the agreement as the first PTA with an Asia-Pacific country.

The agreement will allow the two Muslim countries to reduce tariffs on exports and imports of certain goods and products.

The PTA agreement will require Iran to lower tariffs on imports of products like processed food and pharmaceuticals, textile, palm oil, coffee and tea from Indonesia while Indonesia will give easier and greater access to its market for Iranian oil and chemical products, metals and some dairy products.