Indonesia and Chile agreed to accelerate the implementation of trade agreements between the two countries through the Comprehensive Economic Partnership Agreement (IC-CEPA). The cooperation agreement will take effect next August.
It began with the exchange of the Instrument of Ratification (IoR) conducted by Indonesian Minister of Trade Enggartiasto Lukita along with Chilean Deputy Foreign Minister of Trade Rodrigo Yanez Benitez as an important legal procedure before the entry into force of IC-CEPA.
The total trade between Indonesia and Chile in 2018 reached US$274 million. January-March 2019 total trade between the two countries reached US$56.1 million with Indonesia’s export value of US$34.9 million and imports of US$21.2 million. Chile is Indonesia’s 55th export destination with total exports reaching US$158.9 million in 2018, an increase of 0.3% over the previous year of US$158.5 million.