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KARACHI: The likely implementation of the preferential trade agreement (PTA) between Jakarta and Islamabad will double the existing bilateral trade volume, said Rossails R. Adenan, Indonesian consul general, on Tuesday.
“Indonesia ratified the agreement on November 19 and now waiting for Pakistan’s approval for full implementation,” he said at a meeting with members of the Karachi Chamber of Commerce and Industry (KCCI).
About the bilateral economic relations between the two countries, he said, the trade volume has increased despite fluctuations. “In 2011, the trade volume was recorded at $1.2 billion,” he said, adding that this was far below the real potentials.
The preferential trade agreement was signed in Jakarta in February this year. “Indonesia has already ratified it and hopefully the two governments will soon decide the timeframe for the implementation of the agreement,” he said.
Adenan said that the implementation of the agreement will pave the way for negotiations on the free trade agreement. “The PTA has certain limitations on trade between the two countries,” he said, adding that the free trade agreement would give comprehensive coverage of tariff relaxation on goods trade between the two economies.
As soon as the preferential trade agreement comes into force, detailed tariff line will be issued for the facilitation of the business community, said Adenan. The two countries will benefit from the preferential trade agreement as Pakistan products would get lower rates and some would get zero rate facility, and the same is the case with Indonesia, he added.
The consul general briefed the KCCI members about the D-8 Summit and said that the Indonesian trade minister met his Pakistani counterpart and discussed bilateral issues, including the preferential trade agreement and the common efforts to expand the scope of the bilateral comprehensive economic partnership agreement (CEPA) and to gradually decrease the bilateral trade barriers.
The Indonesian Consulate in Karachi has been promoting bilateral economic, trade, social and cultural cooperation, including organising Indonesian products solo exhibition and cultural performance in Karachi and other cities of Sindh, including Sukkur and Hyderabad.
Haroon Agar, president of the KCCI, said that the preferential trade agreement should be implemented immediately. “This will help boost Pakistan exports,” he added.
Agar said that the exports of agricultural products would increase with the implementation of the preferential trade agreement. Abdul Majeed Haji Muhammad, former president of the KCCI, urged the two countries to issue necessary statutory regulatory orders (SROs) for trade facilitation.
At the meeting, the KCCI members suggested formation of Karachi-Jakarta joint chamber. The consul general advised the KCCI to send formal proposal for consideration.
“Indonesia ratified the agreement on November 19 and now waiting for Pakistan’s approval for full implementation,” he said at a meeting with members of the Karachi Chamber of Commerce and Industry (KCCI).
About the bilateral economic relations between the two countries, he said, the trade volume has increased despite fluctuations. “In 2011, the trade volume was recorded at $1.2 billion,” he said, adding that this was far below the real potentials.
The preferential trade agreement was signed in Jakarta in February this year. “Indonesia has already ratified it and hopefully the two governments will soon decide the timeframe for the implementation of the agreement,” he said.
Adenan said that the implementation of the agreement will pave the way for negotiations on the free trade agreement. “The PTA has certain limitations on trade between the two countries,” he said, adding that the free trade agreement would give comprehensive coverage of tariff relaxation on goods trade between the two economies.
As soon as the preferential trade agreement comes into force, detailed tariff line will be issued for the facilitation of the business community, said Adenan. The two countries will benefit from the preferential trade agreement as Pakistan products would get lower rates and some would get zero rate facility, and the same is the case with Indonesia, he added.
The consul general briefed the KCCI members about the D-8 Summit and said that the Indonesian trade minister met his Pakistani counterpart and discussed bilateral issues, including the preferential trade agreement and the common efforts to expand the scope of the bilateral comprehensive economic partnership agreement (CEPA) and to gradually decrease the bilateral trade barriers.
The Indonesian Consulate in Karachi has been promoting bilateral economic, trade, social and cultural cooperation, including organising Indonesian products solo exhibition and cultural performance in Karachi and other cities of Sindh, including Sukkur and Hyderabad.
Haroon Agar, president of the KCCI, said that the preferential trade agreement should be implemented immediately. “This will help boost Pakistan exports,” he added.
Agar said that the exports of agricultural products would increase with the implementation of the preferential trade agreement. Abdul Majeed Haji Muhammad, former president of the KCCI, urged the two countries to issue necessary statutory regulatory orders (SROs) for trade facilitation.
At the meeting, the KCCI members suggested formation of Karachi-Jakarta joint chamber. The consul general advised the KCCI to send formal proposal for consideration.
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