Pak-Indonesia PTA to be inked next year

Pakistan-Indonesia Preferential Trade Agreement (PTA) is expected to be signed in the first quarter of 2011 and it would give the necessary impetus to bilateral trade. This was stated by Pakistan Ambassador to Asean and Indonesia, Sanaullah while delivering a public lecture on "Pakistan-Indonesia Economic Co-operation" at the country's premier National University (UNAS), Jakarta, received a press release on Wednesday.
He said the recent visit by Foreign Minister Shah Mehmood Qureshi to Indonesia and meeting with his counterpart, Marty Natalegawa would have conducive effect on the process leading to signing of PTA. Once the agreement was in force, he said, it would escalate bilateral trade to around two billion dollars within two years.
Replying to questions from the students and faculty, the ambassador said that foreign investment was well protected in Pakistan. In fact, Pakistan and Indonesia had agreements on protection of investment as well as avoidance of double taxation treaty, which formed the basis of a cordial investment atmosphere.
He invited Indonesian businessmen and companies to have investment in Pakistan. The ambassador identified agriculture as an important sector for enhancing economic co-operation. He said Pakistan could offer fruits, cotton, cotton yarn, cement and sugar manufacturing plants or their parts, an area where Indonesia was lagging behind.
He also pointed out steel, steel products, surgical instruments as possible imports from Pakistan. He said Pakistan on the other hand would look for Indonesian palm oil, quality furniture beside other products. Indonesian food was the new rage in Pakistan, something the Indonesian businessmen should focus on, the Ambassador said.
On a question about enhancement of bilateral co-operation in 2011, Ambassador Sanaullah said during the visit of Foreign Minister Shah Mehmood Qureshi, a road map of activities had been agreed by both sides. He said that already three major events had taken place that included Pakistan's ministerial level participation in the Bali Democracy Forum, realising of second meeting of the Joint Working Group on counter terrorism and the visit of Pakistan's Naval Chief to Indonesia. He said a senior parliamentary delegation would soon leave for Pakistan with the objective of exploring business opportunities.