Jakarta. Indonesia has sent a trade mission to Chile to take better advantage of the bilateral Comprehensive Economic Partnership Agreement (CEPA) that already entered into force in 2019.

During the two-day visit on May 9-10, the trade mission would have business-matching and attend forums as the countries explore the possible economic opportunities from the CEPA pact.

Nine Indonesian companies presented their business models. They are also scheduled for some visits to local firms including Chile’s largest retail company Cencosud, according to a press release by the Indonesian embassy in Santiago. The embassy reported that the Indonesia-Chile trade volume had grown significantly since the CEPA came into effect. 

“Bilateral trade volume had jumped 113 percent in 2019-2022 versus 2015-2018. … Chile is a pivotal trade hub in Latin America, which has a market potential of 659.3 million people and has free trade agreements with 64 countries,” the statement reads. 

Government data shows that Indonesia-Chile trade amounted to $485.9 million throughout 2023. Indonesian exports to Chile reached $312.6 million last year. Bilateral trade volume hit $110.6 million in the first three months of 2024.

The CEPA removes 89.6 percent of the tariff posts for Indonesian goods entering the Chilean market. This also became Indonesia’s first bilateral free trade agreement with a Latin American country.

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