"Trade value between Pakistan and Indonesia is expected to increase from the 2011 figure of US$1.2 billion to become US$2.5 billion this year," the ambassador said.
He was optimistic about the increase of the trade value between Indonesia and Pakistan this year, with the assumption that both countries had signed the Preferential Trade Agreement (PTA) a while back and currently plan to start discussing the Free Trade Agreement (FTA).
Earlier, Deputy Trade Minister of Pakistan Zafar Mehmood said PTA, which was eventually agreed upon after much negotiation and will hopefully be implemented early next year, would become part of the free trade cooperation agreement between Indonesia and Pakistan.
"This will become part of the FTA, which will hopefully be signed soon," he said.
With a population of over 170 million and a firm culture, Pakistan is a potential market for Indonesian export products, and vice versa. The trade value between the two countries has been quite high in the last few years, although it dropped in 2008.
According to the trade ministry, the Indonesia-Pakistan trade value in 2008 reached 994.3 million US dollars, but dropped to 741.7 million US dollars, and then slightly increased to 787.4 million US dollars. Indonesia`s exports to Pakistan, which in 2008 reached 929.6 million US dollars, also dropped to 665.29 million US dollars in 2009 and slightly increased in 2010 to 688.19 million US dollars.
Indonesia has been exporting coal, CPO, cacao, rubber, tea, ceramics and paper to Pakistan. Pakistan`s export commodities to Indonesia include cotton, leather, textiles, and fish products.
(T.A051/KR-BSR/INE/S012)
Editor: Priyambodo RH
Copyright © ANTARA 2012
