JAKARTA: Indonesia and Peru sealed a trade agreement on Monday (Aug 11) as their leaders met in Jakarta, with Southeast Asia’s biggest economy looking to make inroads into South American markets.
The agreement comes after US President Donald Trump recently imposed a tariff rate of 19 per cent on imports from Indonesia under a new pact.
Peruvian President Dina Boluarte was greeted by a marching band and national anthems at a ceremony at the presidential palace in the Indonesian capital before talks.
Indonesian President Prabowo Subianto said the leaders then witnessed the signing of the trade pact, dubbed a Comprehensive Economic Partnership Agreement (CEPA), which will deepen ties between the two nations after he visited Lima last year.
“This agreement will expand market access and boost trade activity between the two countries,” Prabowo said after their meeting.
“Normally, this agreement would have taken years, but Indonesia and Peru managed to finalise this agreement within 14 months.”
They agreed to boost cooperation in fields including defence, narcotics, food security, energy, fisheries and mining, he said, without providing details.
Source: CNA
