KARACHI: Bilateral trade between Pakistan and Malaysia is witnessing consistent growth, with efforts underway to diversify exports and improve trade balance, according to Malaysian Consul General Herman Hardynata Ahmad. Addressing members of the Korangi Association of Trade and Industry (KATI), Ahmad highlighted that discussions at the governmental level are focused on expanding the array of Pakistani products exported to Malaysia.
According to Korangi Association of Trade and Industry, the recent visit of Malaysian Prime Minister Dato' Seri Anwar Ibrahim to Pakistan has catalyzed negotiations aimed at enhancing economic cooperation between the two nations. Ahmad noted that beyond palm oil, Pakistan holds significant potential to boost exports of meat, halal food products, pharmaceuticals, and IT services to Malaysia. He emphasized Malaysia's adherence to Islamic banking and halal certification as a foundation for strengthening bilateral relations.
KATI President Muhammad Ikram Rajput remarked that despite the 2007 Pakistan-Malaysia Free Trade Agreement that provided tariff concessions on over 10,000 products, untapped opportunities remain for non-traditional exports. Following the Malaysian Prime Minister's visit in October 2024, several trade agreements resulted in increased exports of rice, textiles, fruits, and surgical goods from Pakistan. However, Rajput acknowledged that the overall trade volume still falls short of its potential.
Senior Vice President Zahid Hamid highlighted the need for reducing tariffs, eliminating non-tariff barriers, and simplifying customs procedures to enhance trade between the two countries. He pointed to the potential for collaboration in the halal food industry, given Malaysia's leadership in halal certification and Pakistan's agricultural and livestock strengths. Hamid also suggested that establishing joint ventures and industrial zones could significantly boost exports.
Shahid Qureshi mentioned that bilateral trade has reached USD 1.8 billion, with Pakistan's share at USD 600 million, emphasizing the necessity of improving the trade balance. He welcomed the initiation of halal meat exports from Pakistan to Malaysia as a positive step forward. Other KATI members, including former President Junaid Naqi, also addressed the gathering, underscoring the potential for enhancing economic ties between the two countries.