TEHRAN – Indonesia is going to sign a Preferential Trade Agreement (PTA) with Iran. Preliminary agreements have been reached following the decision made by the cabinets of the two nations to that effect.

Based on a proposal presented by Iran’s Commerce Ministry, Iranian government agreed to sign the agreement with Indonesia.

Commerce Ministry has undertaken to follow up the legal process resulting in the bill’s ratification. After getting approvals from the related bodies, the ministry will send the draft bill to the cabinet for final approval.

With the signing of PTA, both countries will enjoy preferences in terms of tariff on some products neither side has offered before.

The PTA will remove all kinds of Para-tariff and non-tariff barriers to boost trade and economic relations between the two nations.