Indonesia and Peru commenced the third round of negotiations for the Indonesia–Peru Comprehensive Economic Partnership Agreement (IP–CEPA) on Tuesday, 17 September, in Jakarta. The discussions, scheduled to last until Friday, 20 September, aim to reach a substantial agreement to be announced during the APEC Economic Leaders Week in Peru in November 2024. Johni Martha, Indonesia’s Director of Bilateral Negotiations at the Ministry of Trade, emphasized the strategic importance of the IP–CEPA, stating that the deal would significantly broaden Indonesia's market access in Latin America, especially for key sectors such as manufacturing and agriculture. He highlighted the commitment of both countries to finalizing the talks, which include market access, technical regulations, and non-tariff barriers. The negotiation team, led by Johni and Peru’s representative, Gerardo Meza, expressed optimism about the positive outcomes for both nations.
Trade between Indonesia and Peru has shown impressive growth in recent years. In the first half of 2024, total trade reached USD 196 million, with Indonesia recording a trade surplus of USD 111.6 million. Throughout 2023, bilateral trade amounted to USD 444.3 million, with Indonesia’s exports dominating the figures at USD 367.4 million. Key Indonesian exports to Peru include motor vehicles, biodiesel, footwear, and paper, while major imports from Peru are cacao beans, fresh and dried grapes, and phosphate mineral fertilizers. Peru, with a GDP of USD 239.3 billion and a stable economic outlook, presents a promising market for Indonesian businesses in the coming years. It concludes that the IP–CEPA will further strengthen trade ties and unlock growth opportunities for both countries.
