google-site-verification=jrFRO6oYNLK1iKh3HkH_yKgws4mFcOFcPvOCyqbqAnk
Pakistan's Premier Multilingual News Agency

Ambassador explores expanding trade between Pakistan and Indonesia

The two officials also discussed ways to support SMSEs, particularly those run by women entrepreneurs.

Islamabad, 7 March 2023 (GNP): Adam M. Tugio, the Indonesian ambassador to Pakistan, paid a courtesy visit to Syed Murtaza Mahmud, the federal minister for industries and production of Pakistan, on March 7, 2023, to discuss efforts to expand bilateral trade between Indonesia and Pakistan by identifying industries with complementary and competitive advantages and encouraging investment.

The two officials also discussed ways to support SMSEs, particularly those run by women entrepreneurs, given the importance of their contributions to the economies of their respective nations.

They also emphasized the value of diversifying traded items and pledged to assist the two nations’ business communities in boosting trade for cooperative efforts that would benefit both nations.

Trade between Pakistan and Indonesia

The two states have maintained bilateral trade relations for many years. They have signed various agreements to enhance trade and economic cooperation. In 2020, the total bilateral trade between Indonesia and Pakistan was valued at approximately $2.07 billion.

Also Read: Indonesian Envoy commends Pakistan-Indonesia trade growth

Jakarta’s main exports to Islamabad include palm oil, rubber, paper, and textiles, while Islamabad exports rice, textiles, fruits, and vegetables to Jakarta. However, the current trade volume between the two countries is considered to be below the actual potential.

To enhance market cooperation, both countries have taken measures to increase economic cooperation, such as establishing a Joint Business Council (JBC) in 2013, which aims to promote trade and investment between the two countries. The JBC has identified various sectors for collaboration, including agriculture, infrastructure, energy, and tourism.

In addition to the JBC, the Indonesia-Pakistan Preferential Trade Agreement (IPPTA), which was signed on February 3rd, 2012, went into force in September 2013, aims to provide preferential treatment to certain products in order to increase market opportunities. The PTA has been expanded over the years, with the latest amendment signed in 2018.

Overall, Jakarta and Islamabad have the potential to expand their trade relations further, and both countries have expressed their commitment to strengthen economic ties.

google-site-verification=jrFRO6oYNLK1iKh3HkH_yKgws4mFcOFcPvOCyqbqAnk