Iran and Indonesia signed a preferential agreement yesterday to boost their economic relations and increase trade between the countries during a visit, Iran’s official Islamic Republic News Agency reports. The countries agreed on a countertrade scheme, whereby goods and services can be exchanged without being constrained by scarcity or currency difficulties, Indonesian Trade Minister Djatmiko Bris Witjaksono said, according to Reuters. The agreement will enable Iran to grant Indonesia access to products including food, pharma products, textile, palm oil, coffee and tea, while Indonesia will reduce tariffs for Iran’s oil and chemical products, metals, and some dairy products, Reuters added.

UAE + Malaysia could sign a CEPA: UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and Malaysian Trade and Industry Minister Tengku Zafrul Aziz have signed an agreement to establish a Comprehensive Economic Partnership Agreement (CEPA) between the two countries, Wam reports. The agreement will contribute to the consolidation of trade and investment relations between the two nations and allow for the acceleration of business opportunities in priority sectors in both countries.

Ukraine + Morroco look to boost trade: Ukrainian Foreign Affairs Minister Dmytro Kuleba and Moroccan counterpart Nasser Bourita agreed to hold negotiations between the two countries on increasing the volume of trade, strengthening communication between businesses, and visa simplification, according to the Ukrainian Foreign Ministry.

More CEPAs: The UAE has negotiated and signednumerous CEPAs with countries including India, Vietnam and Cambodia as part of plans to double the size of its economy by 2030 to USD 762 bn.

ALSO WORTH KNOWING-

  • Iran and Vietnam discussed boosting economic and trade cooperation,including enhancing banking cooperation, facilitating visas for business people, and operating direct flights. (Tasnim News Agency)
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