Commerce Minister Urges Indonesia For Reconsidering Import Quota

Commerce Minister urges Indonesia for reconsidering import quota

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd August, 2016) : Minister for Commerce, Engineer Khurram Dastgir Khan has urged his Indonesian counterpart to reconsider the import quota policy for Pakistan for items included in Preferential Trade Agreement (PTA). Talking to Minister for Trade of Indonesia, Enggartiasto Lukitaon, in side lines meetings of 12th World Islamic Economic Forum held in Jakarta, he expressed the hope that a quota-free market access would help Pakistani exports to grow. He said the barriers to trade which hinders the free flow of product are being phased out in the modern trading system. The minister appreciated the fact that Preferential Trade Agreement (PTA) between both countries has helped the bilateral trade to grow.

Import of Palm Oil from Indonesia has exponentially increased the volume of imports from Indonesia and in future Pakistan might start importing coal from Indonesia in large quantities for electricity generation, he added.

He urged the Indonesian Minister for Trade to ensure the implementation of memorandum of understanding signed between the two countries for purchase of rice from Pakistan. First review meeting of PTA is scheduled to be held on 15th and 16th August, 2016 in Jakarta, where both sides would share their evaluation of the performance of PTA since its inception. The review meeting will also propose the future course of action to further strengthen trade ties and enhance bilateral trade.

Indonesian Minister expressed the desire to find possibilities of converting this Preferential Trade Agreement into a Free Trade Agreement. He asserted that signing of full scale trade agreement between two countries would open new avenue for trade in goods and might lead to a point where both countries agree to expand bilateral preferential treatment to services as well.