ISLAMABAD, Jan 26 (SABAH): Commerce Minister Muhammad Pervaiz Malik has expressed the confidence that zero-rated market access by Indonesia on 20 priority items of Pakistan’s export would help bringing a semblance of balance in bilateral trade. He said Pakistan and Indonesia enjoy close relations based on religious affinity, mutual trust and cooperation and warm political ties transformed into a strong economic bond with the signing of a Comprehensive Economic Partnership Agreement.
He was speaking at the Pakistan-Indonesia Business Forum in Islamabad on Friday.
The Minister said under Preferential Trade Agreement bilateral trade growth has been one-sided which threatened the original plan to graduate to a comprehensive FTA between the two countries.
He thanked Indonesia for responding to Pakistan’s suggestion positively to make PTA mutually beneficial.
The Commerce Minister said the country’s economy has witnessed significant growth with record increase in Large Scale Manufacturing and improved business environment.
He said the Government is making Prefrontal Trade Agreement mutually beneficial keeping in view the great potential Indonesian market holds for Pakistan.
Parvez Malik said due to government’s effort peace and stability has been restored helping in increased growth momentum continues in the current Fiscal year.
He said Large Scale Manufacturing in Pakistan recorded growth of 5.6 percent.
Parvez Malik said Foreign Direct Investment in Pakistan has seen an upward surge and is expected to rise further with impetus provided by China Pakistan Economic Corridor related projects.
He added the Indonesian delegation’s visit will boost the confidence of businessmen and investors both from Indonesia and Pakistan.
He said this forum is also an opportunity for enhanced linkages between Pakistani and Indonesian business community.
The Commerce Minister called upon the Indonesian business community to capitalize upon the available opportunities in Pakistan which are present in major sectors including energy, infrastructure, housing and agriculture.
Parvez Malik also underscored the need for frequent interactions between the two business communities to harness the existing linkages and develop enduring partnerships to enhance our bilateral trade and investment relations.
He commended the efforts of Indonesian Embassy and Trade Development Authority of Pakistan for organizing the interactions over the last two days.
The event was attended by Indonesian Trade Minister Enggartiasto Lukita, ambassador of Indonesia to Pakistan Iwan Suyudhie and Indonesian trade delegation.