Jakarta. President Prabowo Subianto recently said he hoped for Indonesia to sign a trade pact with Peru by next year as Jakarta looks to expand into new markets.

Prabowo is currently in Lima for the Asia-Pacific Economic Cooperation (APEC) summit. Peruvian President Dina Boluarte hosted Prabowo for a state visit at her palace ahead of the APEC talks on Thursday afternoon local time. 

During the meeting, the Indonesian leader expressed his intentions to close the deal for a bilateral comprehensive economic partnership agreement (CEPA) at least six months from now. He also invited Boluarte to come to Indonesia next year to sign the deal that could be a major booster to the bilateral trade.

“We have decided today to open our markets, and give access to Peru’s products. … We [Boluarte and I] had a productive meeting. We will conclude the CEPA very soon, I hope within six months [from now],” Prabowo said in the joint presser shortly after the bilateral meeting.

He added: “Hopefully, we will sign it during your visit to Indonesia.”

The signing would also coincide with the golden jubilee of Indonesia-Peru diplomatic ties. The two countries first launched the first round of negotiations in May. Three more rounds had passed since then, with the latest session taking place just a few weeks ago. 

Most CEPA deals usually grant its signatories major tariff reductions on trade. Indonesian official figures showed that the country’s trade with Peru went down from $554.2 million in 2022 to $444.4 million the following year. Indonesia enjoyed a $290.4 million surplus in 2023. Indonesia is also currently seeking membership at the CPTPP free trade agreement which Peru is also part of.