ISLAMABAD: Pakistan and Indonesia had finalized the review process for the Preferential Trade Agreement (PTA) and it would likely to enhance local exports to Indonesia by $ 200 million per annual.
Pakistan and Indonesia has current annual trade volume of $ 170 million, which was expected to increase $ 370 million after renegotiation on PTA between the two countries, senior official of Ministry of Commerce told media.
Both the countries agreed to expand PTA and go for a Free Trade Agreement (FTA) between them, the official said.
Both sides discussed 20 tariff lines and Indonesia agreed to give unilateral concession on major exports from Pakistan including zero percent tariff on tobacco, textile fabric, rice, ethanol, Citrus (Kinnow), woven fabric, t-shirts, apparel and mangoes during renegotiation on PTA, he said.
The official said before PTA, Indonesia granted only two months for export of Pakistan’s Citrus and mangoes but now after renegotiation, Pakistan can export these fruits to Indonesia for the whole year and any time-limit was removed.
He said the Indonesia-Pakistan Preferential Trade Agreement (PTA) was signed in February 2012.
He said Pakistan wants to initiate negotiation with Pacific and South East Asian nations on proposed Free Trade Agreement (FTA) for enhancing the multilateral trade and competitiveness in country’s trade.
Countries including Japan, Indonesia, Vietnam, Philippines in Pacific region also in list for starting dialogue on Preferential Trade Agreement (PTA) leading towards FTA for promoting trade liberalization, he said.
The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily