By 2019: Pakistan to export 1m tons of rice to Indonesia

Hoping to correct balance of trade currently in Indonesia’s favour

FAISALABAD: Pakistan and Indonesia inked an MoU in December last year and are now working to carve out a mutually acceptable mechanism for the export of one million tons of rice from Pakistan by 2019, said Indonesian Ambassador Iwan Suyudhie Amri.

He was addressing the business community at Faisalabad Chamber of Commerce and Industry [FCCI] on Tuesday.

He said that volume of bilateral trade between the two countries stands at $2.18 billion which was far less than the existing potential, however, it was the highest among ASEAN [Association of Southeast Asian Nations] countries.

Referring to CPEC, he said that it would attract foreign investment and all regional countries will enjoy its benefits. “Our domestic market is very strong which has provided us a solid base for speedy economic growth,” he added.

Trade numbers

FCCI’s Muhammad Nawaz underlined the importance of the current value of bilateral trade, which stands at $2.18 billion, and said it was largely in favour of Indonesia.

Alamdar Hussain said that both countries had inked Preferential Trade Agreement [PTA] in 2012 to enhance the volume and it played a major role in enhancing the volume that was only $700 million in 2010.

Published in The Express Tribune, August 3^rd, 2016.

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