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FTA with Pakistan strengthens bilateral trade
Jul '08
Malaysia and Pakistan have shared cordial trade relations for a long time but the signing of Free Trade Agreement in Kuala Lumpur on November 8 2007 has paved the way for a closer economic partnership.

It was the first agreement inked between the two countries both belonging to the Organization of the Islamic Conference (OIC). This move would help Malaysia and Pakistan to promote trade, enhance, bilateral investment and increase the level of overall economic cooperation.

Besides, taking advantage of this agreement the two countries could actually explore further opportunities for cooperation in various spheres of science and technology for mutual benefits.

Trade between Malaysia and Pakistan crossed US $1 billion mark in 2007 and is expected to nearly double this year after the implementation of the FTA with effect from January 2008.

Malaysia mainly exported chemical products, machinery and parts, and textiles and clothing to Pakistan, while in return imported textiles and clothing, chemical and chemical products from the country.

Presently, Mr Syed Yousuf Raza Gilani, Prime Minister of Pakistan, is on a visit to Malaysia, leading a 20 member delegation for attending the Group of Eight Islamic Developing Countries (D-8) Sixth Summit to be held tomorrow.

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