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Indonesia, Peru Accelerate Completion of Free Trade Agreement

Illustration of Indonesian and Peruvian flags (photo: special)
Illustration of Indonesian and Peruvian flags (photo: special)

​Lima, MINA – Indonesia and Peru have agreed to push for the acceleration of the completion of negotiations on the Comprehensive Economic Partnership Agreement between the two countries or better known as the Indonesia-Peru (I-P) Comprehensive Economic Partnership Agreement (CEPA) or IP-CEPA.

According to the statement of the Indonesian Ministry of Foreign Affairs on Sunday, the agreement was reached after the two countries held the RI-Peru Bilateral Consultation Forum in Lima, Peru.

​The Indonesian delegation was led by the Director General of America and Europe, Ministry of Foreign Affairs Umar Hadi and accompanied by the Indonesian Ambassador to Peru, Ricky Suhendar and the Director of America II of the Ministry of Foreign Affairs, Epiphania Riris Wusananingdyah. Meanwhile, the Peruvian delegation was chaired by the Director General of Asia and Oceania of the Ministry of Foreign Affairs, Fernando Julio Antonio Quiros Campos.

​”The completion of the CEPA negotiations between Indonesia and Peru will be a catalyst for the significant expansion of trade and investment cooperation between Indonesia and Peru,” said Umar Hadi. According to him, if the CEPA is implemented, the trade volume between the two countries could increase up to three times.

Peru is one of Indonesia’s most important trading partners in the Latin American region. In 2023, the total two-way trade between Indonesia and Peru reached US$ 444 million.

​The first CEPA negotiations between Indonesia and Peru were held on 27-30 May 2024 in Lima. In this first round, negotiators from both countries focused on the goods sector, including market access for trade in goods, customs and trade facilitation, and efforts to overcome technical barriers to trade in goods.

In addition to discussing the CEPA, in the bilateral meeting, the two countries also discussed other strategic issues in the bilateral context such as inter-parliamentary cooperation, defense, development economics, palm oil, anti-drugs, and education. (T/RE1/P2)

Mi’raj News Agency (MINA)

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