Pak Indonesia to finalise FTA in July 2019

Ambassador of Indonesia Iwan Suyudhieamri while speaking at the Lahore Chamber of Commerce and Industry said that Pakistan and Indonesia will  conduct delegation level talks to convert preferential trade agreement (PTA) into free trade agreement (FTA). He said that Pakistani products have great demand in Indonesia therefore the Pakistani businessmen should seriously consider this opportunity. He also invited the Pakistani businessmen to participate in 34th Trade Expo being held in Indonesia in October this year

Speaking on the occasion, LCCI Senior Vice President Khawaja Shahzad Nasir said Indonesia and Pakistan are members of OIC and D-8 Organization of Economic Cooperation. Both countries have old historical links and share special bondage of friendship and companionship.

LCCI Vice President Faheem-ur-Rehman Saigal said Indonesia is a major trading partner of Pakistan and is among the top importing and exporting destinations of Pakistan, There already exists Preferential Trade Agreement between Pakistan and Indonesia. In 2018 Indonesia allowed Pakistan to have free market access for 20 items with immediate effect. It would certainly help increase trade while offering greater opportunities to our exporters.

For the last few years, the bilateral trade is following an increasing trend. In 2016, the volume of two-way trade was $2.2 billion which reached to $2.8 billion in 2018. Imports from Indonesia to Pakistan registered a sizeable increase from $2.1 billion in 2016 to $2.5 billion in 2018. Pakistan’s exports to Indonesia are also picking up. In the same period, the value of exports increased from $126 million to $303 million.