ISLAMABAD: Ambassador of the Republic of Indonesia to Pakistan Adam Mulawarman Tugio on Monday said that a free trade agreement between Pakistan and Indonesia is being negotiated and was likely to be implemented soon for increasing trade activities.
“A Preferential Trade Agreement (PTA) between the two countries already exists while the Free Trade Agreement (FTA) is also being reviewed,” the Indonesian ambassador said while addressing the consultative seminar for the promotion of bilateral tourism with local tourist agents and journalists.
He added that Pak-Indonesia economic cooperation could open new avenues for cooperation between South Asian and Association of East Asian Nation (ASEAN) countries.
The huge market of ASEAN countries with a population of 650 million has huge economic opportunities for Pakistan, all of which are being discussed in both the countries.
He said that emerging economies like Pakistan could, on the one hand, link global trade with Central Asian countries, and on the other hand, its geographical link with western China could be beneficial to Indonesia and ASEAN countries.
The envoy, highlighting that his country had emerged as the only economy of $1 trillion in the ASEAN and Islamic world, suggested that Pakistan and Indonesia could especially cooperate in fields of tourism, trade, e-commerce and defense.
“Pakistan is an emerging country in the field of information and the local youth has a lot of expertise in this field. With online connections and a boost in information technology (IT), young people from both the countries can benefit from each other’s experiences and skills to promote economic and cultural integration,” he further suggested.
Tugio said that global retail e-commerce sales in 2020 stood at $4.28 trillion and is expected to reach $5.4 trillion by 2022. “Pakistan and Indonesia both have large youth populations that can make their mark in the global e-commerce trade and create vast employment opportunities in both the countries,” he added.
The envoy further 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.
“This is the century of the Asian region; Southeast Asia, Pacific Asia, Central Asia and China are all set to play an important role in the global economy and trade,” he added.
