Islamabad: The Embassy of the Republic of Indonesia in Pakistan has said Preferential Trade Agreement (PTA) between two countries will be implemented during the current month.
Jakarta and Islamabad have completed the spadework following the successful meetings between the top officials of two countries during the D-8 Summit held recently in Islamabad, said Commercial Secretary of the Indonesian Embassy Otto R Gani.
He was talking to a delegation of IWCCI led by its Founder President Samina Fazil. President IWCCI Farida Rashid, other women entrepreneurs and officials of the Embassy were also present on the occasion.
Otto R Gani said that implementation of Pakistan-Indonesia PTA will begin new era of cooperation will benefit both countries and serve as a foundation for enhanced economic and trade cooperation.
Pakistani businesses would increase exports to Southeast Asia’s largest economy under the PTA, including textile exports, he added.
After the implementation of PTA, we will take further steps to broader economic integration by initiating negotiations on a Free Trade Agreement (FTA), he said.
He assured the delegation of IWCCI that Indonesia Embassy as well as business community will participate in Islamabad Expo 2013 scheduled in March which will offer opportunity to develop linkages among the businesspeople of two countries.
Speaking on the occasion, Samina Fazil and Farida Rashid said that an operational PTA will provide level playing field to the major palm oil exporters while it can help reduce prices of edible oil in Pakistan.
Before 2007 Indonesian palm oil share in Pakistani market was 55 per cent which can rebound now, they said. Similarly, Pakistan’s export to Indonesia including value added textiles, carpets, fabrics, leather and export goods, chemicals, surgical and fruits will get a boost.
Lauding the efforts of the government, the IWCCI leaders demanded initiatives including single country expos, exchange of delegations and cultural events to bring the business communities of two countries closer.