Malaysian envoy says more can be achieved from FTA

Despite hefty exchange in education, defence trade balance remains low

ISLAMABAD: Malaysian High Commissioner Dr Hasrul Sani Mujtaba on Thursday stressed enhancing business relations between Pakistan and Malaysia in the light of their free trade agreement (FTA).

He said this during a visit with a 13-member trade mission of Malaysia to the Islamabad Chamber of Commerce and Industry (ICCI).

The delegation was headed by Tunku Rizal and represented various sectors including hydropower generation, construction, manufacturing, water filtration technology, cosmetics, sea food.

Speaking at the occasion, Sani said there was an urgent need to focus on diversification for improving trade figures. He said both countries had good relations in education and defence as over 5,000 Pakistani students were studying in Malaysia while the latter regularly sends its military officers to Pakistan for training.

However, he said it was high time that both countries intensify efforts for improving two-way trade that would bring better results for their economies. Sani said that Pakistan should further streamline its visa policy for Malaysian businessmen so that they could easily visit Pakistan for exploring new business opportunities.

On the occasion, Rizal said that Pakistan and Malaysia have potential to enhance cooperation in many fields and the two countries should encourage frequent exchange of trade delegations to explore all untapped areas of potential cooperation.

According to Rizal, Malaysia could help Pakistan in hydropower generation, designing and construction of industrial parks, hotels, tourism and other sectors. He hoped that the Malaysian delegation’s visit to Pakistan would lead to finalisation of some business deals between the private sectors of both countries.

In his welcome address, ICCI President Khalid Iqbal Malik said that Pak-Malaysia FTA signed in 2007 had not achieved the desired results.  He said that the main reason of low trade volume was that both countries were trading in relatively few items.

He stressed that both should focus on new products to improve two-way trade.

“Many Pakistani products including non-basmati rice, wheat, mangoes, halal food, seafood, meat products, cutlery and sports goods, could find a good market in Malaysia.”

Published in The Express Tribune, May 5^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.