Karachi: Emphasizing the need for a Free Trade Agreement (FTA) with Indonesia, Mr. Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), highlighted the persistent trade deficit that Pakistan faces, amounting to $3 billion annually. In a recent meeting, Mr. Sheikh outlined multiple strategies to boost Pakistan's presence in Southeast Asia, including organizing single-country exhibitions and enhancing cultural and educational exchanges.
According to Federation of Pakistan Chambers of Commerce and Industry, Mr. Sheikh suggested leveraging 'Brand Pakistan' to improve trade relations and correct the imbalance through initiatives like trade delegations and promoting Pakistan's soft image in the region. Mr. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, also pointed out the potential of the ASEAN market, emphasizing its $10 trillion GDP and strong middle-class which could benefit Pakistani exports.
Mr. Aman Paracha, Vice President of FPCCI, stressed the importance of diversifying imports from Indonesia beyond palm oil and promoting Pakistani products in various sectors through planned exhibitions in Indonesia. Similarly, Mr. Asif Sakhi, another Vice President, proposed innovative collaborations in technology, investment, and joint ventures, especially in textiles where both nations have significant capabilities.
The dialogue was further enriched by comments from Mr. Hanif Gohar, who noted the stark contrast in trade figures with exports to Indonesia standing at only $400 million compared to imports of $3.5 billion, predominantly palm oil.
Highlighting the diplomatic angle, H.E. Dr. June Kuncoro Hadiningrat, Consul General of Indonesia in Karachi, underscored the potential for broadening the trade spectrum between the two countries and extended an invitation to Pakistani businesses for the upcoming Expo Indonesia in October 2024.
The meeting saw participation from prominent business figures, signaling a unified approach towards fostering deeper trade links with Indonesia.