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Negotiations underway for FTA with Pakistan
25
Aug '08
Indonesia and Pakistan are putting enormous efforts in creating the draft of Free Trade Agreement (FTA). Both the sides are actively engaged in negotiations that would help increase the volume of bilateral trade to US $1 billion.

It was announced on the 63rd anniversary of Independence Day of Indonesia that bilateral trade between with Pakistan stood at $919.46 million dollars in 2007, marking a considerable increase in export and exports between the two countries.

Already, the Comprehensive Economic Partnership (CEP) has been signed between Indonesia and Pakistan in a bid to raise the bilateral trade levels to $1 billion mark. Now, with the negotiations of FTA being underway, realization of set goals would not be a distant reality.

In the past few years, trade figures between the two countries have accelerated significantly and mostly in favor of Indonesia. For instance in 2007, Indonesia exported goods worth $846.62 million to Pakistan and in turn imported goods worth only $72.84 million dollars.

Pakistan mainly imported goods like synthetic textiles, chemical material and products, yarn and thread manufactured from synthetic fibres. Indonesia on the other hand imported raw cotton, cotton yarn, cotton fabrics, leather, and synthetic fabrics like silk, flax and jute.

Over the years, economic ties and bilateral cooperation between the two countries have continued to strengthen with the support of the respective Governments and by concluding various bilateral agreements.

Both the countries have the potential to facilitate cooperation in the framework of technical cooperation among the developing countries (TCDC) in various fields by exchanging experiences, skills and information. Possibilities for expanding markets and realizing long-term goals are immense and with mutual agreement and understanding, both Indonesia and Pakistan could reap higher benefits for their respective economies.


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