Indonesia eyes expansion of export markets in Africa, Latin America
Indonesia said it plans to expand its export markets in Africa and Latin America by 2026 as trade negotiations with countries in both regions are underway.
Trade Minister Budi Santoso said Monday that Santoso noted that several African countries had expressed interest in forging regional trade agreements, although such processes could be time-consuming.
Indonesia has already initiated negotiations with a delegation from South Africa, which, he said is expected to encourage other African nations to join.
According to Santoso, Indonesia is also targeting stronger penetration into Latin American markets.
The country has existing trade agreements with Peru and Chile, and has inaugurated negotiations with the Southern Common Market.
At present, Indonesia has implemented 20 trade agreements, and it is negotiating 16 others, and is in the process of ratifying 10 newly approved accords, according to the minister.
