FTA with Indonesia under review
Experts believed that country’s imports would touch $7 billion, which would result in a trade deficit of around $4 billion. PHOTO: FILE
A trade agreement between Pakistan and Indonesia is being negotiated to enhance trade activities and it is likely to be implemented soon, said Ambassador of Indonesia to Pakistan Adam Mulawarman Tugio.
Addressing a consultative seminar for promotion of bilateral tourism on Monday, he said that a Preferential Trade Agreement (PTA) already existed between the two nations while a Free Trade Agreement (FTA) was being reviewed.
“This is the century of Asian region and Southeast Asia, Pacific Asia, Central Asia and China will play an important role in the global economy and trade,” he said.
The economic cooperation between Pakistan and Indonesia could unlock new avenues trade for Association of South East Asian Nations (ASEAN) countries, he said.
“On one hand, emerging economies like Pakistan can link global trade with Central Asian countries and on the other hand, Islamabad’s geographical link with western China can be beneficial to Indonesia and ASEAN economies,” he said.
He pointed out that Pakistan and Indonesia enjoyed historical religious, political, diplomatic and economic ties which could be used to further strengthen two-way economic and trade relations.
Indonesia has emerged as the only $1 trillion economy in ASEAN region and the Islamic world, he said.
“Both countries have immense potential for cooperation in diverse fields including tourism, trade, e-commerce and defense,” the envoy remarked.
According to him, bilateral collaboration in tourism sector could introduce new dimensions for promotion of two-way tourism.
Tugio stressed that the two countries could lay a new foundation for bilateral relations by promoting cooperation in the tourism and services sector.
Published in The Express Tribune, December 14th, 2021.
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