PTA can boost Pak-Indonesia trade up to $2b

Ambassador of Republic of Indonesia to Pakistan Burhan Muhammad has stated that his priorities were to enhance economic cooperation between Indonesia and Pakistan, connect the business communities of two countries and develop military to military linkages between two brother Muslim countries.

He highlighted that during his visit to Karachi Chamber of Commerce and Industry, the Indonesia-Pakistan Preferential Trade Agreement (PTA) was a landmark development in the bilateral history of two countries which will not only raise bilateral trade volume but also open doors for Pakistani businessmen to penetrate in the emerging Asean market. With enforcement of PTA, the trade volume between two countries will touch the figure of two billion US dollars in one year.

He apprised that there was some delay in the enforcement of PTA as notification has not been issued yet. He said that in this connection he will meet Pakistan’s Secretary Commerce shortly and will also visit Jakarta to meet Indonesian Trade Minister. He stated that besides economic and commercial cooperation, Indonesia can also invest in the infrastructural development projects. Pakistan can get benefit of Indonesian expertise in coal sector for its Thar Coal project.

He said that Indonesia and Pakistan have had a remarkable history of fraternal relationship and two countries have enjoyed sound and steady commercial interaction since last several decades. He hoped that this amiable relationship will continue to grow with the implementation of the PTA.

KCCI President Muhammad Haroon Agar exchanging views during the visit of Indonesian Ambassador to KCCI, he articulated that signing of PTA on the occasion of 62nd anniversary of Pak-Indonesia Friendship in the month of February 2012 was a crucial initiative to open new chapter of economic and commercial cooperation.

KCCI believes that the Preferential Trade Agreement (PTA) will bring closer the business communities of both countries and will give a strong boost to the bilateral trade ties. He hoped that after enforcement of PTA, negotiations will start for Free Trade Agreement (FTA).

He anticipated that after implementation of PTA, Pak Indonesia bilateral trade could escalate up to $2 billion in coming years from the current figure of around $1.3 billion.