Published On: Sat, Aug 6th, 2016

Pakistan and Indonesia signed MoU to export 1m tons of rice to Indonesia


Pakistan and Indonesia signed MoUAddressing the business community at Faisalabad Chamber of Commerce and Industry; Indonesian Ambassador, Iwan Suyudhie Amri said that Pakistan and Indonesia signed MoU in December to export 1m tons of rice to Indonesia by 2019 and are now trying to make a path to make that mutually accepted deal successful.

He said that volume of bilateral trade between the two countries stands at $2.18 billion which was far less than the existing potential; however, it was the highest among ASEAN [Association of Southeast Asian Nations] countries.

Referring to CPEC, he said that it would attract foreign investment and all regional countries will enjoy its benefits. Strong domestic market has provided them a solid base for quick economic growth.

FCCI’s Muhammad Nawaz underlined the importance of the current value of bilateral trade, which stands at $2.18 billion, and said it was largely in favour of Indonesia.

Alamdar Hussain said that both countries had inked Preferential Trade Agreement [PTA] in 2012 to enhance the volume and it played a major role in enhancing the volume that was only $700 million in 2010.

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