Home / Knowledge / News / Textiles / 'Pakistan & Indonesia likely to sign FTA in two years'
'Pakistan & Indonesia likely to sign FTA in two years'
16
Oct '13
The signing of Pakistan-Indonesia Preferential Trade Agreement (PTA) has paved a way for Free Trade Agreement (FTA) between the two countries which would likely be signed in about 24 months time, Indonesian Ambassador to Pakistan Muhammad Burhan Muhammad said while speaking at the Lahore Chamber of Commerce and Industry (LCCI).
 
The Indonesian Ambassador said that serious efforts are being made to ensure bilateral trade between the two countries, and steps would be taken to broaden economic integration by initiating negotiations on FTA.
 
The ambassador said Indonesia’s economy, which represents 40 percent of Association of Southeast Asian Nations’ (Asean) aggregate economy, is projected to grow at a faster pace in the coming years, and the country is an attractive investment destination for many reasons. 
 
The Pakistani businessmen should avail the opportunities and should enhance their interaction with counterparts in Indonesia, he added.
 
The ambassador also announced that Jakarta Chamber of Commerce and Industry (JCCI) and the Karachi Chamber of Commerce and Industry (KCCI) would be signing a Memorandum of Understanding (MoU) on October 21, 2013 in Jakarta, to strengthen trade ties between the two nations. After the signing of MoU with KCCI, another MoU would be signed with the LCCI.
 
At the occasion, LCCI president Sohail Lashari said the FTA negotiations in near future are necessary to draw beneficial results from PTA, and although Pakistan’s share in the two-way trade is lesser than Indonesia, it is beneficial for both countries. 
 
Under the PTA, Indonesia has included various Pakistani products in offer list including, cotton yarn, cotton fabrics, and readymade garments, he added.
 
The LCCI president said there is a lot of scope for Indonesia to make investments in Pakistan, as Indonesia has a fairly advanced petrochemical sector and can make investments in these industries, as well as enter into joint ventures with Pakistani counterparts.
 
Pakistan's major exports to Indonesia include cotton, cotton fabric, and cotton yarn, whereas its imports from Indonesia include artificial staple fibers and yarn of synthetic fibre.
 

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 23rd Oct 2021

FDRA urges US govt to remove tariffs causing kids' shoe price spikes

The Footwear Distributors and Retailers of America (FDRA) has sent...

Pic: Sorbis / Shutterstock.com

Fashion | On 23rd Oct 2021

Calvin Klein & Louis Vuitton top 2 trustworthy brands for US customers

Calvin Klein, an iconic American brand that has existed since 1968,...

Pic: Breuninger

E-commerce | On 23rd Oct 2021

Fashion retailer Breuninger to launch e-commerce portal in Poland

After Austria (2017) and Switzerland (2019), fashion company...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Textile Industry, Head honchos

Textile Industry
Head honchos

Always best to produce under own supervision

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Noemi Sanchez,

Noemi Sanchez

Established since 1846, Evlox is a specialised denim manufacturer with its ...

Alberto Gotti,

Alberto Gotti

Danitech was born from the will of a group of technicians to offer the...

Kishina Daruka and Mishika Daruka,

Kishina Daruka and Mishika Daruka

Headquartered in Kolkata, India, sustainable clothing brand Ora was...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search