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Jakarta Post

Indonesia looks to boosting exports to Latin American markets through IC-CEPA

  • Rachmadea Aisyah

    The Jakarta Post

Jakarta   /   Tue, August 6, 2019   /  06:13 pm
The Jakarta Post Image
Indonesian and Chilean delegates participate in the second round of negotiations on the Indonesia-Chile Comprehensive Economic Partnership Agreement (CEPA) on March 13, 2017, in Jakarta.(Courtesy of/Trade Ministry)

  The government is urging exporters to explore other markets to expand their business and benefit from the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA), which enters into force on Aug. 10. The IC-CEPA removes Chile's import tariffs for 7,669 Indonesian products and Indonesia's tariffs for 9,308 Chilean products. The agreement is expected to increase bilateral trade between Indonesia and Chile to US$369.2 million by 2024, from $274.1 million in 2018. Meanwhile, Indonesian exports to Chile are expected to increase by 65 percent to $262.4 million. The Trade Ministry’s bilateral negotiations director, Ni Made Ayu Marthini, said the IC-CEPA was a breakthrough for Indonesia, as the trade agreement was the first that it had ever inked with a Latin American country. “Chile pr...