KARACHI: The implementation of the free trade agreement FTA between Indonesia and Pakistan is likely to increase the volume of bilateral trade by 150% in a few years, says Indonesia’s Consul General Rossalis R Adenan.
Speaking to journalists on the sidelines of a flag-hoisting ceremony at the Consulate General in connection with 68th Independence Day of Republic of Indonesia on August 17th, 2013, Adenan said the implementation of the FTA signed by the two countries last year will lead to reduction in import tariffs, thus increasing bilateral trade to around $4 billion in a few years.
In 2012, the trade volume between Pakistan and Indonesia was $1.6 billion only.
“Bilateral trade is far below its real potential. I hope the agreement is implemented in the near future,” Adenan said while referring to the FTA that hit snags soon after its ratification last year.
Bilateral trade between the two countries increased at an annualized rate of 12.6% from 2008 to 2012.
Indonesia’s main exports to Pakistan are palm oil, coal, nuts, and staple fiber of viscose, yarn, rubber, chemical, wood pulp and papers. Pakistan’s major exports to Indonesia are cotton, rice, wheat, frozen sardines, orange, copper, cotton and leather.
Speaking at the ceremony, Indonesian Consul General said that celebrate the Independence Day in Pakistan, he would also like to take this opportunity to convey warm greetings to the people of the Islamic Republic of Pakistan, who also celebrated their Independence Day on the 14th August, 2013.
He extends heartiest felicitations and best wishes to the Government and the people of Pakistan on the 66th anniversary of the independence. Long live Indonesia Pakistan Friendship”.
The Consul General distributed the prizes to the winners and runners-up of the different games, which have been done 1 month before. A photo exhibition was also arranged to show the activities of the Indonesian Consulate General in Karachi along this year.