Karachi: During a recent meeting, leaders from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) emphasized the need for Pakistan to negotiate a Free Trade Agreement (FTA) with Indonesia. This agreement aims to correct the significant trade imbalance, with Pakistan experiencing an annual deficit of approximately $3 billion.

According to Federation of Pakistan Chambers of Commerce and Industry, FPCCI President Mr. Atif Ikram Sheikh highlighted several strategies to enhance bilateral relations, including promoting Brand Pakistan through various initiatives such as single-country exhibitions, exchange of trade delegations, and cultural and student exchanges to boost Pakistan’s image in Southeast Asia.

Further discussions by FPCCI officials, including Senior Vice President Mr. Saquib Fayyaz Magoon and Vice President Mr. Aman Paracha, focused on the vast potential of the ASEAN markets and the need for Pakistan to diversify its imports and exports with Indonesia. Mr. Asif Sakhi, another Vice President, spoke on fostering technology transfers, investments, and joint ventures, particularly in the textile sector, to build a mutually beneficial economic relationship.

Former SVP and Convener of FPCCI’s Central Standing Committee on Diplomatic Affairs, Mr. Hanif Gohar, presented current trade figures, noting a stark disparity with exports to Indonesia at only $400 million compared to imports worth $3.5 billion, predominantly palm oil.

The discussions were part of a broader engagement that included insights from H.E. Dr. June Kuncoro Hadiningrat, the Consul General of Indonesia in Karachi, who stressed the importance of expanding the bilateral trade portfolio and invited Pakistani businesses to the upcoming Expo Indonesia in October 2024 as a platform to explore further trade opportunities.