Indonesia sets target of $50bn e-commerce trade with Pakistan by 2025

Envoy says the two countries have strong prospects for proposed bilateral FTA

ISLAMABAD: Ambassador of the Republic of Indonesia to Pakistan, Adam Mulawarman Tugio on Sunday said that Indonesia has set a target of $50 billion e-commerce trade with Pakistan by 2025.

“There are vast opportunities in e-commerce trade between Pakistan and Indonesia, which will increase bilateral trade and investment opportunities on both sides,” Tugio told APP.

The ambassador said that Pakistan and Indonesia are countries with large youth populations that can make their mark in the global e-commerce trade and create vast employment opportunities in both countries.

He said that global retail e-commerce sales in 2020 stood at $4.28 trillion, which is expected to reach $5.4 trillion by 2022 whereas the current era of was of Information Technology (IT) and online connectivity in the world wherein big global brands are connected to both small and big markets. “This situation presents many opportunities,” he added.

The Indonesian ambassador said that Pakistan and Indonesia can be linked with e-commerce trade to increase bilateral trade as well as connect both sides’ youth in connection of business and trade.

“With such connections, young people from both countries can benefit from each other’s experiences and skills to promote economic and cultural integration,” he stressed.

He said that e-commerce integration in both the countries could also help in promoting tourism in both of countries and strengthen the ties between the people of both countries.

Tugio said that Pakistan and Indonesia are among the most beautiful countries in the world and with the promotion of tourism in both countries, mutual economic activities would reach its peak.

Replying to a question, he said that Indonesia had made investments in palm oil in Karachi to enhance economic cooperation between the two countries, adding that steps would be taken to invest in Faisalabad’s textile sector in the near future.

The ambassador further said that Pakistan and Indonesia had strong prospects for the proposed bilateral Free Trade Agreement (FTA), which would help strengthen economic and trade ties between the two countries.

“A Preferential Trade Agreement (PTA) already exists in both countries which opens up the possibility of increasing bilateral trade,” he said.

He said Indonesia had recently reduced trade tariffs for facilitating Pakistan in 20 trade items in the bilateral PTA review and added that progress was being made to enhance economic and trade integration between Pakistan and the Association of Southeast Asian Nations (ASEAN).

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