President Joko Widodo today received a visit from President Tanzania Samia Suluhu Hassan. The bilateral meeting was held during Samia’s visit to Indonesia. Jokowi explained that one of the results of the bilateral meeting was his agreement, negotiations of the Preferential Trade Agreement (PTA) trade agreement between Indonesia and Tanzania. The Preferential Trade Agreement negotiations between Indonesia and Tanzania, said Jokowi, will be carried out this year. The two countries will form a team to discuss in the near future.
“Regarding trade, the preferential trade agreement will be formed to increase trade between the two countries. Negotiations will begin this year,” Jokowi explained in a joint press statement with Samia, at the Presidential Palace Bogor, West Java, Thursday (1/25/2024).
Preferential Trade Agreement itself is a trade agreement between countries that agreed to reduce tariffs for certain products originating from countries that signed the agreement. This agreement makes export tariffs applied to lower-traded products. This is done so that commodities can more easily go in and out between countries.
In addition to agreeing on the discussion of Preferential Trade Agreement between Indonesia and Tanzania, Jokowi and Samia also agreed on the formation of Bilateral Investment Treaty (BIT). This agreement is believed to provide protection for investment between Indonesia and Tanzania.
“I have also conveyed the importance of the formation of bilateral investment treatment for the protection of investment cooperation between the two countries,” Jokowi said.
January 25, 2024, detikFinance
(https://finance.detik.com/berita-ekonomi-bisnis/d-7159696/ri-dan-tanzania-mulai-nego-perjanjian-dagang-tahun-ini)