Pakistan, Indonesia ink $10.7 million trade agreements

Agreements cover range of sectors, including coconut products, gum, cocoa, ginger, spices, and consumer goods

Pakistan and Indonesia have made significant strides in strengthening their trade relations, facilitated by the Special Investment Facilitation Council (SIFC).

The two countries signed multiple business-to-business trade agreements and Memorandums of Understanding (MoUs) worth $10.7 million during the recent Trade Expo Indonesia.

The agreements cover a range of sectors, including coconut products, gum, copal, cocoa, dried coconut, ginger, spices, and consumer goods. Additionally, the trade deals also span the auto parts sector.

These agreements reflect joint efforts by private companies, business institutions, and government bodies from both nations.

Both Pakistan and Indonesia are key members of the Organisation of Islamic Cooperation (OIC) and have reaffirmed their desire to enhance cooperation in trade, economics, and mutual interests through SIFC's support.

Indonesia's acting Consul General, Teguh Wiyoko, praised the participation of the Pakistani trade delegation, highlighting it as a key step towards strengthening economic and trade ties, especially with Sindh’s business community. "This is a positive step towards fostering deeper economic cooperation," he stated.

Abid Nisar, Chairman of the Pakistan-Indonesia Business Council, expressed optimism about the growing economic ties between the two countries, emphasising that their historical and cultural connections lay the foundation for mutual prosperity.

As a G20 member, Indonesia aims to share its economic experience to assist Pakistan in achieving greater economic stability. The initiatives led by SIFC are expected to bolster Pakistan’s economy and expand bilateral relations between the two nations.