Indonesia proposes early implementation of trade agreement

Meeting between Korangi Association of Trade and Industry Chairman Ehteshamuddin, and the Indonesian Consul General Rossalis Rusman Adenan said that the $1.5 billion bilateral trade volume between the two countries may double after realisation of PTA. PHOTO: AFP

KARACHI: A PTA (Preferential Trade Agreement) between Pakistan and Indonesia has been finalised and the latter has already ratified it, however the business community of both the countries are asking their respective governments for an early implementation of the agreement so that manufacturers could start reaping benefits of preferential tariffs.

In a meeting, on Wednesday, with Korangi Association of Trade and Industry Chairman Ehteshamuddin, the Indonesian Consul General Rossalis Rusman Adenan said that the $1.5 billion bilateral trade volume between the two countries may double after realisation of PTA. Outlining the benefits of the agreement, he said that Pakistan will be able to import palm oil at cheaper prices than other countries and businessmen of both nations should be encouraged to increase contacts for mutually beneficial business relations.

Speaking on the occasion, Ehteshamuddin said that Indonesia can be a role model for Pakistan as it has achieved a rapid growth in exports. He advised Pakistani manufacturers to look to the developing markets in the east rather than struggling in the west to capture market share. He said that Pakistan is keen to join the Association of South East Asian Nations and is looking forward to Indonesian support for becoming a full dialogue partner of South East Asia’s strongest organisation of economic cooperation.