Pakistan, Indonesia push for deeper economic ties, set 2027 target for CEPA

Pakistan and Indonesia have agreed to step up efforts to transform their Preferential Trade Agreement into a Comprehensive Economic Partnership Agreement by 2027, as both sides seek to expand trade and investment cooperation.

The understanding was reached during a meeting between Prime Minister Muhammad Shehbaz Sharif and Indonesia’s Minister for Investment and Downstream Industry Rosan P. Roeslani, who led a five member delegation to Pakistan.

Roeslani delivered a goodwill message from President Prabowo Subianto and reaffirmed Jakarta’s commitment to strengthening bilateral economic and political relations. He also thanked the Pakistani government for the hospitality extended during his visit.

Sharif said Pakistan was keen to further enhance economic relations with Indonesia and highlighted Islamabad’s interest in benefiting from Indonesia’s sovereign wealth fund model to mobilise long term investment. He noted that bilateral ties had continued to deepen over the decades.

The prime minister recalled his recent engagement with President Prabowo Subianto, including a meeting on the sidelines of the 58th Annual Meeting of the World Economic Forum, and said the Indonesian president’s visit to Pakistan last year had contributed to strengthening bilateral cooperation.

Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Commerce Minister Jam Kamal Khan, Minister of State Bilal Azhar Kyani, Special Assistants Tariq Fatemi and Haroon Akhtar, and senior officials attended the meeting, according to a press release issued by the Prime Minister’s Office Media Wing.