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Indonesia to seal free trade pact with Peru, Eurasia in Q1 2025
Trade Minister Budi Santoso also reaffirmed that the ministry aims to conclude a similar agreement with the European Union by the end of first half of this year.
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Trade Minister Budi Santoso attends a food coordination meeting on Dec. 28, 2024, in Lampung. (Courtesy of/Trade Ministry)
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ndonesia aims to conclude negotiations on a comprehensive economic partnership agreement (CEPA) with Peru and the Eurasian Economic Union (EAEU) in the first quarter of the year as the country seeks to diversify exports to non-traditional markets.
Trade Minister Budi Santoso also reaffirmed that the ministry aims to conclude a similar agreement with the European Union by the end of first half of this year, which Jakarta previously hoped to conclude before the new administration came to power on Oct. 20 last year.
“The discussions are nearing completion and are expected to conclude by the first quarter of 2025,” Budi said during a media briefing on Monday.
Jakarta and Lima began talks on the trade pact in May 2024.
President Prabowo Subianto, when meeting his counterpart during the Asia-Pacific Economic Cooperation (APEC) summit last year, endorsed the finalization of the deal in time to mark the 50th anniversary of diplomatic relations between the two nations this year.
Trade between the two countries totaled US$444.3 million in 2023, with Indonesia exporting $367.4 million worth of goods, including textiles and processed foods, and importing $77 million, largely in raw materials and agricultural products.
Simultaneously, Indonesia is accelerating its talks with the EAEU, an economic bloc comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, after negotiations started in 2017.
