RRI.CO.ID, Jakarta - Indonesia and Chile have entered a new phase in their trade relations, focusing on expanding investment and market opportunities.

Both countries agreed to optimize the implementation of the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA) to drive bilateral economic growth.

This commitment was underscored during a meeting between Trade Minister Budi Santoso and Chilean Foreign Minister José Francisco Pérez Mackenna at the Trade Ministry office in Jakarta on Monday, July 20, 2026.

“Indonesia and Chile already have the IC-CEPA trade agreement. The next step is to optimize this agreement to boost trade value while expanding market access for both nations,” Minister Budi said after the meeting, as quoted on the ministry’s official website.

He emphasized that the implementation of IC-CEPA is being carried out in phases according to priorities. Indonesia has enforced provisions on trade in goods since 2019 and on trade in services since 2025, while negotiations on the investment sector began with a joint statement signed in 2024.

“We are conducting negotiations and implementation in stages based on priorities. We hope investment talks can be advanced more intensively through a series of virtual meetings this year. The goal is swift, balanced, and long-term-oriented outcomes,” he said.

Minister Budi added that trade potential between the two countries could be further enhanced through closer collaboration among business actors. “There needs to be a business-to-business (B2B) approach between Indonesia and Chile, for example, through a business council,” he said.

Meanwhile, Chilean Foreign Minister Pérez Mackenna expressed optimism about expanding cooperation in technical education, pharmaceuticals, and green technology.

Chile also voiced support for Indonesia’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Organization for Economic Co-operation and Development (OECD).

In return, Chile hopes to secure Indonesia’s backing for its accession to the Regional Comprehensive Economic Partnership (RCEP).

From January to May 2026, trade between Indonesia and Chile reached USD 226.2 million, with Indonesian exports totaling USD 179.1 million and imports at USD 47.1 million, resulting in a surplus of USD 132.1 million.

Indonesia’s main export products include motor vehicles, mineral or chemical fertilizers, and footwear, while frozen fish, chemical wood pulp, fertilizers, starch, and wine dominate imports.

In 2025, total trade between the two countries stood at USD 535.5 million, with Indonesia recording a surplus of USD 347.5 million. ***