Pakistan, Indonesia trade rises by 64%

The growth in bilateral trade registered 64.30 per cent between Pakistan and Indonesia since January 2012 with our exports moving upwards at the rate of 15 per cent. All indications are that the growth trend will multiply in coming months. This was disclosed in a Press release issued by Pakistan Embassy in Jakarta. Major increase has been seen in export of cotton/cotton fabrics and cereals from Pakistan which grew by $ 20 million and $11.53 million respectively while import of palm oil from Indonesia surged by $ 289.87 millionExport of fish and fish preparations, raw hides & skins and leather has witnessed decrease due to strict quarantine procedures and protectionist policies enforced by the Indonesian government. The Pakistan side is trying to negotiate relaxation of non-tariff barriers by proposing Mutual Recognition Agreement for agro-based products. Ambassador of Pakistan, Sanaullah expressed the hope that the current growth rate would not only be maintained but likely to increase further.  The hope and the confidence are based on the reassurances of the Chairman of Indonesian Chamber of Commerce and Industry (KADIN) Mr. Suryo B. Solisto and his colleagues who are serious to interact with Pakistani business community.  As part of this strategy, Dr. Ilhamy Elias, Chairman of Indonesia — Pakistan, Bangladesh Committee was entrusted to organize a group of businessmen to attend “My Karachi Exhibition” last month. Ambassador Sanaullah further said that Indonesian businessmen’s participation in D-8 Business events in November 2012 will give further the much sought after boost to bilateral trade. Also, he mentioned the positive impact of PTA (Preferential Trade Agreement) which is currently in the final stages of ratification. Meanwhile, the Pakistan Economy Watch (PEW) has demanded the government to immediately impose a ten per cent duty on import of tractors in order to further enhance the sale of locally manufactured tractors and bring down its prices. In a statement issued here on Friday, President Pakistan Economy Watch Dr.Murtaza Mughal said the imposition of 10 per cent duty on import of tractors will go a long way to boost local tractor industry which may also further decline the prices of tractors. From:Gulftoday