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Director General of International Trade Negotiations of the Ministry of Trade, Djatmiko Bris Witjaksono held a bilateral meeting with the Director General of International Trade Negotiations of the Ministry of Foreign Trade and Tourism of Peru, José Luis Castillo in Arequipa, Peru, on Thursday (16/5/2024). (Photo by: ANTARA/HO-Kemendag)

VOINews, Jakarta: The Ministry of Trade (Kemendag) stated that Indonesia and Peru are committed to immediately starting negotiations on the Indonesia-Peru Comprehensive Economic Partnership Agreement (IP-CEPA).

As quoted by Antara, Director General of International Trade Negotiations of the ministry, Djatmiko Bris Witjaksono, stated that this was a follow up to the launch of IP-CEPA carried out by the Indonesian and Peruvian ministers in August 2023.

The launch was conducted by Indonesian Trade Minister Zulkifli Hasan and Peruvian Minister of Foreign Trade and Tourism Juan Carlos Mathews Salazar.

"We discussed plans for the First Round of IP-CEPA negotiations that will take place after the APEC meeting," Witjaksono noted in a statement from the Ministry of Trade in Jakarta, Saturday.

"This is a form of serious commitment from both parties to start negotiations that were launched last year and are targeted to be completed as soon as possible," he remarked.

Witjaksono stated that Indonesia had submitted a proposal and timeline regarding the number of rounds of negotiations to be carried out until substantial completion.

According to Witjaksono, the negotiations will start soon, and several rounds must be held every month. Peru is said to be responding positively, albeit must first study internally and adjust to the schedule.

Furthermore, Peru is one of the important countries for strengthening Indonesian trade in South America.

"The partnership with Peru is very important because it will open a more intensive path with the Latin American region," Witjaksono stated.

In the January-February 2024 period, total trade between Indonesia and Peru had reached US$67.2 million.

During that period, Indonesia's exports to Peru were recorded at US$42.9 million, while Indonesia's imports from Peru were recorded at US$24.3 million, so Indonesia enjoyed a surplus of US$18.6 million.

Meanwhile, in 2023, total trade between the two countries reached US$444.3 million, with the value of Indonesia's exports to Peru amounting to US$367.4 million and Indonesia's imports from Peru amounting to US$111.8 million.

Thus, Indonesia enjoyed a trade surplus of US$290.4 million with Peru.

In 2023, Indonesia's main exports to Peru included cars and other motorized vehicles, biodiesel and its mixtures, textile footwear, leather footwear, and uncoated paper and cardboard.

Meanwhile, Indonesia's main imports from Peru include cocoa beans, fresh or dried grapes, mineral or chemical phosphate fertilizers, unwrought zinc, and metal slag.//Antara/VOI.