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View all search resultsIndonesia, Peru to boost trade after sealing agreement
Indonesia and Peru signed a Comprehensive Economic Partnership Agreement (CEPA) on Monday, with President Prabowo Subianto and his counterpart Dina Boluarte pledging to boost economic ties as the two countries mark their 50th diplomatic anniversary.
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President Prabowo Subianto and visiting Peru's President Dina Boluarte inspect the honor guard during a welcoming ceremony on Aug. 11 upon their meeting at the Merdeka Palace in Jakarta. (Reuters/Ajeng Dinar Ulfiana)
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ndonesia and Peru signed a Comprehensive Economic Partnership Agreement (CEPA) on Monday, with President Prabowo Subianto and his counterpart Dina Boluarte pledging to boost economic ties as the two countries mark their 50th diplomatic anniversary.
A stately welcome unfolded at the State Palace on Monday, with dozens of cavalry and motorized troops, as well as thousands of students, falling in line to welcome Boluarte, the first Peruvian leader to visit Indonesia since the two countries established diplomatic ties in 1975.
Speaking in a joint statement after their closed-door meeting at the palace, Prabowo welcomed the signing of the CEPA, which will grant both countries wider market access and possibly boost trade activities in various sectors, including agriculture.
“Most negotiations would take years, but Peru and Indonesia have managed to complete this in 14 months,” Prabowo said. “In every sector, we will cooperate with each other to elevate trade between the two countries.”
With the world economy experiencing uncertainty in recent months due to geopolitical flare ups and United States' tariff policy, various countries across the world including Indonesia have intensified their efforts to find alternative trading partners and markets to buffer any unforeseen financial shockwaves.
The economy was high on the agenda of Boluarte, who arrived in Jakarta on Sunday, with Indonesian officials describing that preparatory talks between the two countries have revolved around increasing trade volume, technology transfers and on other cooperation frameworks.
Read also: Indonesia to seal free trade pact with Peru, Eurasia in Q1 2025
