Pakistan-Malaysia: Free trade accord leads to jump in business

ISLAMABAD:

Trade between Pakistan and Malaysia increased by 34 per cent in 2010, totalling $2.5 billion, compared with volume of $1.86 billion in the previous year, according to Pakistan’s High Commissioner to Malaysia Masood Khalid.

Since the signing of the free trade agreement (FTA) between Pakistan and Malaysia in 2007, bilateral trade has increased, said Khalid.

He, however, said that balance of trade was heavily in favour of Malaysia and needed to be reduced. He called on Malaysian authorities to send a trade delegation to Pakistan to identify specific products for import, adding that the Pakistan High Commission was taking several steps to increase exports to Malaysia.

In order to bring private sectors of the two countries closer, the Board of Investment and Malaysian Industrial Development Authority recently organised a seminar in Kuala Lumpur.

Khalid said a number of agreements had been signed between the two countries to forge meaningful cooperation in sectors such as agriculture, Halal food, higher education and transport. The Pakistan-Malaysia Joint Business Council has also been launched to promote interaction between private sectors.

Published in The Express Tribune, April 12^th,  2011.