A high powered Indonesian delegation is currently visiting Pakistan for discussing the bilateral trade related issues between the two countries. The negotiation will focus on the Free Trade Agreement (FTA), which would help in raising the volume of bilateral trade up to one billion dollars mark.
Sources told Business Recorder on Monday that the trade negotiations between Indonesia and Pakistan are underway to discuss bilateral trade; Free Trade Agreement and Preferential Trade Agreement (PTA) etc. During discussions, the leaders of the delegations would review decisions taken in the previous rounds of talks between the two sides. Both the sides would also discuss the architecture of FTA, and signing of the PTA between Indonesia and Pakistan.
Sources also said that the governments of both the countries are committed to raise the bilateral trade volume up to one billion dollars. Both the countries have already singed the Comprehensive Economic Partnership (CEP) and now the negotiations are underway to sign an FTA, which will be a significant landmark. Pakistan imports from Indonesia included vegetable fats and oils, paper and paper board, fruit and vegetables (betel nuts), synthetic textile, chemical material and products, chemical elements and compounds, machinery of all kinds, road vehicles and their parts, yarn and thread of synthetic fibers, iron and steel, tea and mate and crude rubber etc. He said that the Pakistan exports to Indonesia covers raw cotton, cotton yarn, cotton fabrics, wheat, muslin, fish and fish preparations, rice of all sorts, leather, synthetic fabrics including silk, flax and jute, fruits, vegetables, tarpaulins, sails etc.
The economic ties and bilateral co-operation between both countries have continued to strengthen over the years supported by the state visits of the respective governments and by various bilateral agreements. Indonesia and Pakistan can enhance co-operation in the framework of technical co-operation among developing countries (TCDC) in various fields by exchanging experiences, skills and information, sources added.
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