Indonesia, EU sign "substantive conclusion" of trade deal

JAKARTA, Sept 23 (Reuters) - Indonesia and the European Union on Tuesday signed a "substantive conclusion" of a comprehensive economic partnership deal at a meeting in Bali.

The deal will remove tariffs for 80% of Indonesian products entering the European market, including top commodities such as palm oil as well as fishery and textile products, Indonesian officials said.

Indonesia's chief economic minister Airlangga Hartarto said he is aiming for the pact to enter into force on January 1, 2027.

Trade between Indonesia and EU is expected to double in first five years of implementation, Indonesia said.

In 2024 trade between the two parties amounted to $30.1 billion, according to Indonesia's economic ministry.

EU Trade Commissioner Maros Sefcovic said the agreement would bolster investment into Indonesia by European companies and help diversify the supply chain, particularly for critical minerals, which Indonesia has in abundance.