(MENAFN) Indonesia and Peru formalized a free trade agreement on Monday aimed at expanding bilateral trade and investment collaboration.

The agreement followed a landmark visit by Peruvian President Dina Boluarte to Jakarta, hosted by Indonesian President Prabowo Subianto. This was the first visit of a Peruvian head of state to Indonesia.

Prabowo shared on social media that the meeting marked a pivotal moment for opening new opportunities across strategic sectors and deepening relations between the two countries.

“This visit holds special meaning as tomorrow marks exactly 50 years of diplomatic relations between Indonesia and Peru,” Prabowo stated.

He added, “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.”

Regarding the trade pact, Prabowo noted, “The CEPA (Comprehensive Economic Partnership Agreement) 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.”

The Peruvian Presidency also confirmed the signing on social media, emphasizing that the agreement will strengthen trade links between the two nations.

According to official Indonesian statistics, exports to Peru reached $331.2 million in 2024, while imports from Peru totaled $149.6 million.

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