Pakistan, Malaysia to enhance trade

KARACHI: Malaysia and Pakistan have proposed greater cooperation to improve trade in palm oil and other commodities. Malaysian Minister Teresa Kok was invited to deliver a keynote address at the 5th Pakistan Edible Oil Conference, where she was joined by Adviser on Commerce, Textile, Industry, and Production Abdul Razak Dawood, statement said.

Kok highlighted that Medium Density Fibreborads (MDF) exporters from Sri Lanka enjoyed lower duties whereas Malaysia’s higher quality MDF were subjected to higher import tariffs. Other product opportunities were also discussed and both leaders agreed to convey these matters to the authorities concerned in their respective countries so solutions could be worked out.

She said palm oil has the potential for higher uptake in Pakistan given that its local production of oils and fats meets only around 20 percent of its consumption needs. It thus depends heavily on imports to meet growing domestic demand and consumption. Demand has been increasing at a rate of 4.5 percent per year for the past seven years, due to increasing population, income and consumer spending.