The Lahore Chamber of Commerce & Industry (LCCI) and Jakarta Chamber of Commerce and Industry (JCCI), Indonesia on Monday inked a memorandum of understanding (MoU) to evolve a framework to strengthen bilateral trade ties between Pakistan and Indonesia. According to information received here from Jakarta, JCCI President Eddy Kuntadi and LCCI President Malik Tahir Javaid signed the MoU under which both the chambers agreed to build a dependable, pragmatic and advantageous relations between the two countries.
The LCCI chief is currently leading a 10-member trade delegation to Indonesia, Malaysia and Thailand to find new avenues for Pakistani merchandise. The delegation is scheduled to hold meetings with auto parts manufacturers association, paper & pulp manufacturers association, Pakistan's Ambassador in Jakarta, Ministry of Trade- Indonesia, Honda Trading Company and Perdana Group in Indonesia.
Both the chambers also agreed to strive for establishing friendly and cordial relations between the two countries through an increased cooperation among the industrialist, businessman and entrepreneurs. Both would lobby for a mutually beneficial Preferential Trade Agreement between the two countries, influence the initiation of investment protection, taxation, and other treaties, prepare and maintain information on markets, cultural, religious, and national factors.
The two sides will assist for the amicable and friendly settlement of trade disputes arising out of business transactions between the members of both chambers through negotiation and arbitration/mediation wherever necessary, taking into account the international standards in this regard.
Both sides will establish effective consultation, cooperation and exchange of information on bilateral trade and relationship; refer trade queries/ inquiries/ disputes of their members to each other for needful action and follow-up.
It was also agreed to appoint permanent staff to serve as focal point for execution of this MoU while both the parties resolved to organize conference/meetings/ seminars/ workshops/ presentations for their members to strengthen bilateral commerce and explore new trade opportunities.
Under the memorandum, the two sides will exchange information on the economy, trade, publication, trade regulations, industrialization and economic legislation. Whenever applicable, both parties may extend cooperation and support to achieve the aims agreed in the memorandum.