Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI) on Tuesday, he pointed out that trade minister of Indonesia met his Pakistan counterpart recently and discussed some bilateral issues, including the PTA, which is hoped to be implemented soon and the common efforts expand the scope of the bilateral Comprehensive Economic Partnership Agreement (CEPA) and to gradually decrease the bilateral trade barriers.
He said that PTA was signed in February 2012 and it was already rectified by Indonesia in November and expressed hope that the two governments will soon decide the time for PTA implementation.
The CG said that two way trades is record at 1.2 billion dollars, which is still for below the real potencies. After implementation of PTA, the tariff on various items will be reduced and some items' tariff may be zero, which will help boost exports of both the countries. He said implementation of PTA will pave the way for signing Free Trade Agreement (FTA) in future.
Referring to invitation to participate in KCCI annual event My Karachi Exhibition, he assured that he will peruse Indonesian companies to not only participate but also organise Indonesian cultural show at the event. Replying a suggestion to establish Karachi Jakarta Joint Chamber of Commerce, he appreciated the proposal and advised the chamber members to send the proposal in writing so that it would forward to concern authority for consideration.
He reiterated fact that Pakistan and Indonesia have some similarities and huge potential, not only in economic and trade but also in socio-culture. KCCI President, Haroon Agar said that the chamber has formed Pak-Afghan Joint Chamber and Bombay Karachi Chambers to promote regional trade. He suggested establishment of Jakarta and Karachi joint chamber of commerce which will help promote two way trades. He was hopeful that after implementation of PTA two way trades could escalate up to two billion dollars in coming years.