FAISALABAD: Indonesia will launch joint ventures in collaboration with local investors to ensure trade balance between Indonesia and Pakistan.
It was said by Adam M Tugio, Ambassador of the Republic of Indonesia, while addressing a seminar on ‘Sustainable Vegetable Oils: Opportunities for Increased Healthy Food & Two-way Trade’ jointly organised by the Embassy of the Republic of Indonesia and University of the Agriculture Faisalabad here on Friday.
Adam M Tugio said that both countries had inked a PTA (Preferential Treatment Agreement) for the promotion of bilateral trade of agriculture commodities at reduced tariffs. He said that Indonesia imports Kinnow and mangoes in lieu of its palm oil. However, the volume of import was being enhanced to ensure balance between the imports and exports, he added. He said that the Indonesian government was also helping Pakistan to switch over to the cultivation of palm, which could bring down its import bill to a substantial level. However, in this connection, the UAF must play a proactive role and evolve new varieties of palm, which were adoptable to the local environment and could give economically better yield, he maintained.
He said that both countries should also start immediate negotiations for a Free Trade Agreement (FTA) to enhance their bilateral trade in the coming years. Earlier, Atif Munir Sheikh, president of Faisalabad Chamber of Commerce & Industry, said that edible oil was a major component of our food.