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Pakistani textiles get preferential access to Indonesia
04
Sep '13
Textiles, including cotton yarn, cotton fabric and readymade garments, from Pakistan will get preferential access to Indonesian market, with the coming into force of Indonesia-Pakistan Preferential Trade Agreement (IP-PTA) from September 1, 2013.
 
The IP-PTA was signed in February 2012, and it ensures greater market access to Pakistani products in the Indonesian market, Pakistan’s Ministry of Commerce said in a statement.
 
Both the countries agreed to operationalize the PTA after the signing of a Mutual Recognition Agreement (MRA) on plant quarantine and SPS measures, and Indonesia acknowledging Pakistan as a pest-free area for Kinnow, Pakistan’s news agency APP reported.
 
Under the IP-PTA, Indonesia will grant market access to 216 Pakistani products at preferential rates, including cotton yarn, cotton fabrics, readymade garments, and sports goods.
 
On the other hand, a total of 287 Indonesian products will get preferential tariff in Pakistan.
 
The PTA is expected to also contribute in strengthening Pakistan’s trade linkages with other economies in the Asean region and help in diversification of Pakistan’s export markets.
 
The PTA is seen as a precursor to eventual full bilateral free trade agreement (FTA) between the two countries.
 

Fibre2fashion News Desk - India

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