Andina

Peru and Indonesia hold third negotiations round for Trade Agreement

Photo: Ministry of Foreign Trade and Tourism of Peru

Photo: Ministry of Foreign Trade and Tourism of Peru

13:33 | Jakarta (Indonesia), Sep. 27.

Peruvian Foreign Trade and Tourism Minister Desilu Leon reported that, with a view to strengthening trade ties and fostering economic growth, officials from Peru and Indonesia held the third round of negotiations for a Comprehensive Economic Cooperation Agreement (CEPA) in the Indonesian city of Jakarta.

The Peruvian government official explained that during this round —held from September 17 to 20— key chapters were negotiated to boost trade and mutual investment, including the working groups on Market Access, Rules of Origin, Customs and Trade Facilitation, Technical Barriers to Trade, as well as Legal and Institutional Affairs.

"The Comprehensive Economic Cooperation Agreement between Peru and Indonesia is part of a commercial diversification strategy that will allow Peru to consolidate its presence in Southeast Asia," Minister Leon stated.

"Thanks to the upcoming inauguration of the Chancay Port, which shortens the time it takes to transport goods to Asia, these markets represent great potential for our offer, particularly for agricultural products," she noted. 

Better conditions

The Cabinet member indicated that a trade agreement with Indonesia will allow for the elimination of tariffs on products such as cacao, grapes, tara, and others.

"To date, Peru has (signed) agreements with its main trading partners in Asia, which is why it is pending to incorporate Indonesia —the fourth-most populous country around the world, as well as the largest and most dynamic economy in Southeast Asia— as a new trading partner," she disclosed.

The minister added that it had been agreed to hold the fourth round of negotiations at the end of October, reaffirming both countries' interest in reaching an agreement in the shortest time possible.

Bilateral trade

In recent years, trade between Peru and Indonesia has experienced remarkable growth.

In 2023, Peruvian shipments to Indonesia totaled US$62 million, with non-traditional exports standing out, especially of products such as cacao beans (58%) and grapes (12%).

Peruvian exports of minerals such as zinc (10%) and calcium phosphates (9%) also stood out in the same period.

(END) NDP/MVB

Publicado: 27/9/2024