(MENAFN) Indonesia and Peru formalized a free trade agreement on Monday, aiming to boost mutual trade and investment relations.

This agreement was reached following a high-level meeting between Indonesian President Prabowo Subianto and Peruvian President Dina Boluarte in Jakarta.

The occasion was particularly historic, as it marked the first official visit by a Peruvian head of state to Indonesia.

In a post on X, President Prabowo described the meeting as a pivotal moment that could unlock collaboration in several key areas and strengthen the relationship between the two countries.

He emphasized the symbolic importance of the visit, noting, “This visit holds special meaning as tomorrow marks exactly 50 years of diplomatic relations between Indonesia and Peru,” according to a news agency.

Prabowo further expressed shared aspirations with Peru, saying, “We share the same goal of advancing the prosperity of our people. We are both part of the Pacific community and among the group of developing nations.”

He highlighted that the newly signed Comprehensive Economic Partnership Agreement (CEPA) would provide greater access to each other's markets and energize two-way trade.

Remarkably, he pointed out that such agreements usually require years to finalize, yet this one was concluded in just 14 months: “The CEPA is set to expand our market access and spur bilateral trade activities. A trade deal usually takes years to conclude, but we managed to wrap it up in just 14 months,” Prabowo stated to the press.

The Presidency of Peru also confirmed the accord on X, emphasizing its role in reinforcing economic ties between the two nations.

Based on official Indonesian statistics, the nation exported goods worth $331.2 million to Peru in 2024, while importing $149.6 million worth of products from the South American country.

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