Iran Enacts Preferential Trade Agreement with Indonesia to Boost Bilateral Trade

Tehran, The Gulf Observer: In a significant move to strengthen economic ties between Iran and Indonesia, Iranian President Masoud Pezeshkian has officially signed into law the Preferential Trade Agreement (PTA) between the two nations, NHC reports. The agreement, which was approved by Iran’s parliament on September 24 and ratified by the Guardian Council on October 2, was enacted by President Pezeshkian on Sunday, with directives issued to the Ministries of Industry and Foreign Affairs for its implementation.

The PTA, originally signed in Tehran on June 20, 2005, aims to enhance bilateral trade by reducing tariffs and removing non-tariff barriers, facilitating smoother economic cooperation between Iran and Indonesia. The agreement’s enactment represents a key milestone in the trade relations between the two countries, promoting increased commercial exchange in various sectors.

Iranian Parliament Speaker Mohammad Baqer Qalibaf formally informed President Pezeshkian of the law’s approval on October 8, following the lawmakers’ endorsement of the deal. The PTA is expected to create new opportunities for both nations by fostering closer economic collaboration and expanding trade volumes.