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UAE Inks Economic Pact to Boost Trade With Indonesia
(Bloomberg) -- The United Arab Emirates signed a wide-ranging economic pact with Indonesia on Friday as the two countries seek to boost bilateral trade to more than $10 billion by 2030.
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Indonesia sees its exports to the UAE climbing 54% over the next 10 years, as the deal erases about 94% of existing tariffs, according to a statement from Indonesia’s trade ministry.
The UAE, the Middle East’s finance and tourism hub, is deepening its trade ties in fast-growing economies in Asia and Africa. It wants to remodel itself as a global hub for business and finance as regional competition heats up.
The Indonesia deal is the UAE’s third major trade pact since it announced the plan to broaden its economic relationships in 2021. It inked a similar agreements with India and Israel this year which lift or largely alleviate tariffs on goods. It is also working on a deal with Turkey.
The Indonesia agreement aims to keep up momentum in fast trade growth, said Thani Al Zeyoudi, the UAE’s minister of state for foreign trade. Bilateral trade is expected to grow to $4 billion in 2022 and about 50,000 jobs are expected to be created, with an emphasis on skilled work.
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Some of the industries targeted in the trade pact include logistics, tourism, communications, construction and business. Trade of ‘halal’ goods is also expected to benefit -- such as foods that comply to Islamic dietary guidelines and modest fashion.
The UAE has previously pledged to invest $10 billion in Indonesia’s new wealth fund in a push that could spur infrastructure projects.
Indonesia is home to the world’s largest domestic halal economy market with a Muslim population of about 80%. Domestic spending on halal products and services stood at $184 billion in 2020 and is projected to increase nearly 15% by 2025, according to the country’s central bank.
The UAE aims to finalize a similar trade agreement with Colombia soon, Al Zeyoudi said.
(Adds trade target in first paragraph, context and quotes from paragraph five)
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