"We have targeted that it could reach US$2.5 billion this year," Pakistani Ambassador to Indonesia Sanaullah said here on Friday.
The higher target of bilateral trade value was attributable to the growing economies of the two countries and the signing of trade agreements in certain fields including preferential trade agreement signed in February this year, he said.
Both countries were in the process of ratifying the preferential trade agreement, he said.
"It (the ratification) will be completed as soon as possible," he said.
He said the two nations would follow up on the agreement by discussing the possibility of a free trade agreement to take optimum advantage of the two countries` trade potentials.
"Pakistani investors look at Indonesia as a safe place to invest. What is more, Indonesia is the world`s largest Muslim country so the Pakistani people will find it easy to invest (in Indonesia)," he said.
Data from the Indonesian Trade Ministry show the Indonesia-Pakistan trade value in 2008 reached US$994.3 million, but dropped to US$741.7 million, and then slightly increased to US$787.4 million. Indonesia`s exports to Pakistan, which in 2008 reached US$929.6 million, also dropped to US$665.29 million in 2009 and slightly increased in 2010 to US$688.19 million.
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.
Earlier, Trade Minister Gita Wirjawan said Indonesia would soon discuss mutually-beneficial free trade agreement with Pakistan. The free trade agreement must serve as a complement to the existing multilateral agreements. (*)
Editor: Kunto Wibisono
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