The minister briefed the Malaysian minister about trade opportunities in Pakistan. Both sides agreed on free trade agreement (FTA) between the two countries.
It was agreed that both countries would exchange technical groups to initiate the process of identifying items for tariff reduction. The commerce minister indicated that he would visit Malaysia in later half of the year.
Malaysian minister expressed her interest in relocation of textile garment industry of Pakistan. In this connection, she informed that she would lead a delegation of garment manufacturers to Pakistan this March to explore the investment opportunities. She also invited similar delegation of businessmen from Pakistan to Malaysia to explore the opportunities of business and joint ventures.
The Malaysian side also showed their interest in importing lower-end rice from Pakistan. Both the ministers agreed to have joint ventures in textile, processing of fruits & vegetables, IT, telecom, fisheries, rubber industry and mining sectors.
The bilateral economic relations between Pakistan and Malaysia have always been sound but balance of trade has remained in favour of Malaysia due to export of palm oil, rubber and timber to Pakistan. Pakistan is one of the leading buyers of these products.