Pakistan devises strategy to boost trade with Indonesia
Business
The two countries signed a Preferential Trade Agreement in 2012
ISLAMABAD (Web Desk) - Planning Minister Ahsan Iqbal has directed officials to devise a strategy to boost bilateral trade with Indonesia, it is reported on Thursday, as Islamabad gears up to welcome President Prabowo Subianto to the country later this month.
Pakistan and Indonesia have attempted to bolster their economic ties through trade and investment over the years. The two countries signed a Preferential Trade Agreement in 2012 that became operational in September 2013, allowing for concessional market access to 232 goods from Pakistan such as fresh fruits, cotton and fabrics, and 313 from Indonesia, such as edible palm oil products, sugar confectionaries and cocoa products.
“The minister directed the relevant authorities to formulate concrete proposals to enhance trade relations, emphasizing the need to strategically target the Indonesian market to showcase Pakistani products effectively,” the APP said.
Iqbal was speaking to officials while he chaired a meeting of a committee constituted by Sharif to enhance bilateral cooperation and trade between both countries ahead of Subianto’s visit.
“This landmark visit will open new avenues for trade and cooperation, further strengthening bilateral relations between Pakistan and Indonesia,” APP quoted Iqbal as saying.
“Indonesia has successfully integrated its cultural diversity into a unified identity. We can learn from their model.”
Iqbal stressed collaboration with Indonesia in the education, health, information technology and tourism sectors.
He also suggested providing scholarships in IT and health care sectors to students from both countries.
In October last year, Pakistan and Indonesia signed bilateral trade pacts and memorandums of understanding worth $10.7 million during an Indonesian trade expo.
According to the Pakistan Business Council, the trade relationship between Pakistan and Indonesia holds significant potential for growth, with opportunities for increased cooperation in areas like agriculture, textiles, and energy.
