Pakistan and Indonesia signed four memoranda of understanding, including import of LNG and petroleum products from Indonesia, at the conclusion of bilateral talks between Prime Minister Shahid Khaqan Abbasi and Indonesian President Joko Widodo.
The memoranda of understanding signing ceremony, held here at the Prime Minister House for cooperation between Pakistan and Indonesia in energy, trade as well as education and training sectors, was also witnessed by Prime Minister Abbasi and Indonesian President Widodo.
On import of LNG and POL products, the MoU was signed between Indonesian Minister of energy and Natural Resources and Awais Ahmed Khan Leghari, Minister for Power of Pakistan. The MoU on additional protocol to Preferential Trade Agreement (PTA) for 20 new tariff lines was signed between Minister for Commerce Pervaiz Malik and Indonesian Minister of Trade.
The MoU on Trade facilitation was signed by secretary Trade Development Authority of Pakistan (TDAP) and director general National Export Development Indonesia while MoU between Foreign Service Academy and Centre of Training and Education Indonesia was signed between director Center for Training and Education Indonesia and director general Foreign Service Academy of Pakistan. The two leaders agreed that there is a need to improve the trade imbalance. The two sides acknowledged that there is considerable untapped potential to expand trade taking advantage of the PTA.
The two sides agreed to further increase tariff lines under the existing mechanism of Preferential Trade Agreement between the two countries. There was also unanimity of views to work together for gradually taking PTA to the level of Free Trade Agreement.
Earlier, the Indonesian President was received by the Prime Minister on Saturday, followed by a wide range of talks with special focus on increasing the trade volume between the two countries from existing level and the MoU on additional protocol to preferential trade agreement was signed to move further in this direction.
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