New trade agreements
Pakistan and Indonesia recently launched the Pakistan-indonesia Business Forum (PIBF) with Patronin-chief, Ambassador of Indonesia, Ishak Latuconsina and President, PIBF, Abdul Majid Haji Mohammad, signing the memorandum at the inaugural ceremony in Karachi.
The initiative was launched a month after the Indonesia-pakistan Preferential Trade Agreement was finalized in Jakarta. The business communities of both countries are expected to greatly benefit through trade linkages and corporate sector cooperation. Speaking at the ceremony, Latuconsina stated, “We are witnessing today the opening of a significant new chapter in the trade and business interaction and discourse between the business communities of Indonesia and Pakistan with the inauguration of the PIBF. We have reached this decision to launch the PIBF after long discussions and suggestions from those businessmen who already have business with Indonesia.”
The PIBF platform will allow business communities to exchange ideas, develop bilateral strategies, increase trade volume and enhance economic activities overall. Trade between both countries has previously been very low and PIBF will ensure a rise in trade and investment, not just in Pakistan and Indonesia but throughout the South Asian region as well.