Pakistan and Indonesia strengthen trade ties by signing PTA

Pakistan and Indonesia strengthen trade ties by signing PTA

Friday, February 3, 2012: Pakistan and Indonesia decides to take their relationship to the next level. The two countries in an attempt to further strengthen their ties signed a Preferential Trade Agreement (PTA).

The ratification of PTA will give a boost to the trade and encourage investment between the sides. The PTA was signed in Islamabad by the representatives of each country. From Pakistan, Ambassador Sanaullah, whereas, from Indonesia
Gita Wirjawan, Minister of Trade, signed the agreement.

Wirjawan showed his consent with the terms in the agreement. The Minister of Trade from Indonesia said, “Going beyond bilateral gains, we believe that stronger relations between Indonesia and Pakistan also allow both countries
to benefit from overall market optimism of the Asian region.”

The Pakistani Ambassador, Sanaullah, also shared his views on the signing of the agreement. Sanaullah said, “Both sides have agreed to provide market access by granting tariff concessions and removing non-tariff barriers and to
help both countries develop economic and trade relations to their true potential.”

Under the contract, Indonesia has agreed to offer market access to Pakistan on 216 tariff lines on preferential rates, while Pakistan has reiterated with 287 tariff lines.

Pakistan’s offer list to Indonesia includes edible palm oil products, sugar confectionary, cocoa products, HS 33, HS 34, consumer goods, chemicals, tableware, kitchenware and rubber, wood, glassware and electronic products.

The Indonesian offer list of products of export interest to Pakistan includes fresh fruit, cotton yarn, cotton fabrics, readymade garments, fans, sports goods and leather goods. Indonesia has also offered market access to kinnow
and oranges from Pakistan at zero per cent tariff.

Indonesia will be able to export edible palm oil products at a 15 per cent margin of preference, similar to the Most Favoured Nation (MFN) tariffs granted to Malaysia by Pakistan.

The Agreement will come into action in 30 days after the date on which the Parties exchanged written notifications.

Short URL: https://www.newspakistan.pk/?p=11704

Posted by Wajahat Javed on Feb 4 2012. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry