TEMPO.CO, Jakarta – Indonesia and Russia have taken a step toward strengthening cooperation in the palm oil sector after industry associations from both countries signed a memorandum of understanding (MoU) in Moscow on July 10. According to a press release from the Indonesian Embassy in Moscow that Tempo received on July 11, 2026, the agreement also involves the Association of Enterprises of the Fat and Oil Industry of the Eurasian Economic Union (EAEU).
The MoU was signed between the Indonesian Palm Oil Association (GAPKI), the Fat and Oil Union of Russia, and the EAEU industry association. The signing ceremony was witnessed by Indonesian Ambassador to Russia and Belarus Jose Tavares, Trade Attaché of the Indonesian Embassy in Moscow, embassy officials, and representatives of the Indonesian Oil Palm Plantation Fund Management Agency (BPDP KS).
The agreement is intended to strengthen cooperation among palm oil industry stakeholders through information sharing, joint promotional activities, business networking, and efforts to expand market access for palm oil and its derivative products.
The parties also aim to promote trade between Indonesia, Russia, and EAEU member states by encouraging closer collaboration between businesses in the sector.
Ambassador Jose Tavares said the signing reflects growing economic relations between Indonesia and Russia while highlighting opportunities for greater cooperation in agribusiness.
"This cooperation is a strategic step toward strengthening business-to-business relations between our two countries. As the world's largest producer of palm oil, Indonesia is ready to build a mutually beneficial partnership with Russia and the EAEU member states through enhanced trade, investment, and industrial collaboration," Tavares said.
Indonesia remains the world's largest producer and exporter of palm oil, while Russia and EAEU member countries are considered an expanding market for Indonesian palm oil products.
The embassy said cooperation between the industry associations is expected to improve communication among businesses, deepen market understanding, and create broader opportunities for trade and investment between Indonesia and the Eurasian region.
Read: Why Indonesia's CPO Exports Lag Behind Malaysia and Europe
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