Indonesia and Chile Accelerate IC-CEPA Optimisation to Boost Trade

Trade Minister Budi Santoso met with Chilean Foreign Minister José Francisco Pérez Mackenna to discuss economic cooperation, particularly optimising the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA).

“Indonesia and Chile already have the IC-CEPA trade agreement. The next step for both countries is to optimise this agreement to increase trade value while expanding market access for both nations,” Budi said in a statement in Jakarta on Tuesday.

Budi emphasised Indonesia’s commitment to the IC-CEPA, which continues to be negotiated and implemented in stages. Indonesia implemented the agreement in the goods trade sector in 2019 and the services trade sector in 2025. Indonesia and Chile also signed a joint statement on launching investment sector negotiations in 2024.

“We are conducting the IC-CEPA negotiations and implementation in stages based on priority. We hope the investment sector negotiations can be completed intensively through a series of virtual meetings this year,” Budi said.

Budi assessed that trade between Indonesia and Chile still has room for further expansion. To further optimise bilateral trade, close communication between Indonesian and Chilean business actors needs to be increasingly supported. He proposed establishing a business forum bringing together investors, exporters, and importers from both countries.

Chile ranks 46th as an export destination for Indonesia and 65th as a source of Indonesian imports. Throughout January–May 2026, total trade between Indonesia and Chile was recorded at 226.2 million US dollars. Indonesian exports to Chile were recorded at 179.1 million US dollars, while Indonesian imports from Chile stood at 47.1 million US dollars. Indonesia recorded a surplus of 132.1 million US dollars against Chile.

Meanwhile, in 2025, total trade between Indonesia and Chile was recorded at 535.5 million US dollars, with Indonesian exports to Chile at 441.5 million US dollars and Indonesian imports from Chile at 94.0 million US dollars. Indonesia’s surplus against Chile was 347.5 million US dollars.

Key Indonesian export products to Chile include cars and other motor vehicles, mineral or chemical fertilisers, and various types of footwear. Products imported by Indonesia from Chile include frozen fish, chemical wood pulp, mineral and chemical fertilisers, starch, and grapes.