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Indonesia, Chile add services deal to trade agreement
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Trade Minister Zulkifli Hasan speaks during a bilateral meeting with the Chilean delegation in Jakarta on Nov. 21. (Trade Ministry/-)
I
ndonesia and Chile have added a services trade protocol to their bilateral trade agreement as the two emerging economies brace for a potential global recession.
At a signing ceremony on Monday, Indonesia’s Trade Ministry said the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA) could become a gateway to South America for Indonesian export goods.
“Chile has competitive human capital, is one of the developed countries in South America, and I think its economy is the best among countries [of that region],” Trade Minister Zulkifli Hasan told participants at the event in Jakarta.
From 2019 to 2021, the trade volume between Indonesia and Chile increased by around 54 percent to US$424.6 million.
The minister called for a further increase to $1 billion over the next two or three years and said Chile could become an export “expansion hub” to the markets of Argentina, Ecuador, Peru and Colombia.
“The potential is very big. Because they have money, they can pay [for our export goods],” Zulkifli added.
Striving to be a developed country by 2045, he said, Indonesia should expand its export markets and “dominate” the world market instead of only the traditional market of Europe, the United States and Asia.
