JAKARTA, July 11 (Xinhua) -- Indonesia is seeking to accelerate trade expansion with Latin American countries by pushing for the swift completion of the Indonesia-Mercosur Comprehensive Economic Partnership Agreement (IM CEPA).

The IM CEPA is a trade agreement between Indonesia and Mercosur, a South American economic bloc consisting of Argentina, Brazil, Paraguay, and Uruguay. The agreement was officially launched on Dec. 16, 2021, following two years of pre-negotiations. Formal negotiations reached the preliminary meeting stage in June 2022.

"I welcome your leadership in Mercosur, and we look forward to completing the Indonesia-Mercosur Comprehensive Economic Partnership Agreement with you," Indonesian President Prabowo Subianto said during a joint press statement with Brazilian President Luiz Inacio Lula da Silva. The statement was made during Prabowo's diplomatic visit to Brazil and broadcast virtually on Thursday.

On the same occasion, Prabowo also welcomed President Lula's plan to bring 700 Brazilian entrepreneurs on a reciprocal visit to Indonesia, saying that such a move could help foster concrete and immediate cooperation between the two countries.

According to Indonesia's Ministry of Trade, total trade between Indonesia and Brazil from January to September 2024 reached 5.07 billion U.S. dollars, an increase of 24.3 percent from 4.08 billion dollars during the same period in 2023. Indonesia's exports to Brazil alone rose 33 percent, climbing from 940 million dollars to 1.25 billion dollars over the same period. ■