President of Peru and leader of Indonesia strengthen trade ties

• Boluarte and Subianto met to strengthen economic ties.
• The signing of the CEPA could improve bilateral trade.
• The overall trade volume between the countries decreased in 2023.

President of Peru Dina Boluarte met with the leader of Indonesia Prabowo Subianto in Jakarta to strengthen economic ties between the countries. The visit took place amid increasing trade barriers and geopolitical challenges.

This meeting occurred four days after U.S. President Donald Trump began raising import tariffs on goods from various countries, including 19% on Indonesia. Imports from Peru are subject to a base rate of 10%, established in April.

Boluarte arrived in Jakarta on Sunday, following an invitation from Subianto, which was extended during a meeting at the APEC summit in Peru in November 2024.

During the two-day visit, the leaders plan to sign an Agreement on Comprehensive Economic Partnership (CEPA), which could significantly enhance bilateral trade. The Indonesian Minister of Trade Budi Santoso noted that CEPA could become a potential channel for Indonesian goods and services in the markets of Central and South America.

According to the ministry's data, the overall trade volume between Indonesia and Peru decreased from $554.2 million in 2022 to $444.4 million in 2023, while Indonesia recorded a trade surplus of $290.4 million, primarily due to key export goods such as automobiles, machinery, and textiles.

Indonesia also aims to become a member of the Agreement on Comprehensive and Progressive Partnership of the Trans-Pacific Region, of which Peru is a part, to boost exports.

Tags: Economy