pakistan and Indonesia Strengthen Trade ties wiht Joint Trade Committee
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* New Trade Agreement: Pakistan and Indonesia have signed a Memorandum of Understanding (MoU) to establish a Joint Trade Committee (JTC). This aims to strengthen trade dialogue, facilitate cooperation, and address challenges in bilateral trade.
* High-Level Talks: The MoU was signed following talks in Islamabad between Pakistan’s Commerce Minister Jam Kamal Khan and Indonesia’s Vice Minister of Trade Dyah Roro Esty Widya Putri.
* Strategic importance: Pakistan views indonesia as a strategically important hub within ASEAN for regional economic cooperation.
* Pakistani Exports: Pakistan aims to become a reliable supplier of minerals, cosmetics, pharmaceuticals, and agri-food commodities to Indonesia. Pakistan also plans to host a single-country exhibition and business forum in Jakarta, inviting ASEAN members.
* Indonesian Imports: Imported edible oil from Indonesia is crucial to Pakistan’s food supply.
* TDAP Requests: The Trade Progress Authority of Pakistan (TDAP) requested Indonesian facilitation regarding fruit import quotas, certification requirements, rice import quotas, and market access for potatoes.
* Future Agreements: Both countries aim to expand their existing Preferential Trade Agreement (PTA) and eventually move towards a Comprehensive Economic Partnership Agreement.
* Current Trade Volume: bilateral trade currently exceeds $4 billion.
* Auto Industry Optimism: Commerce Minister Jam Kamal Khan expressed optimism about the growth of the local auto industry,anticipating production to rise from below 200,000 to 500,000-1 million units,driven by policies discouraging used car imports and strengthening auto-financing.