MARKET DEVELOPMENT
Pakistanis Urged To Take Advantage Of FTA To Do Business In Malaysia
Pakistanis Urged To Take Advantage Of FTA To Do Business In Malaysia
15/08/2014 (Bernama) - Pakistan's High Commissioner to Malaysia Syed Hassan Raza has urged Pakistani business players to take full advantage of doing business in the country.
This, he added, is especially after the completion of a review of the free trade agreement (FTA) for closer economic ties, signed by both countries in November, 2007.
He said that with Malaysia's favourable environment and the people's high awareness of the benefits of the FTA, the volume of bilateral trade could be increased and economic ties continue to prosper.
Syed Hassan was speaking to reporters here today at a flag-raising ceremony to mark Pakistan's 67th Independence Day celebration.
He said the FTA was also a great opportunity for business players in Pakistan as it was the only agreement signed between the country and an Asean member.
"This FTA is one of the first entered into between two Muslim countries. This is of great importance to us and we want it to really be fully-functional and fully-operational.
"I have delivered a message to my Pakistani businesses friend in Pakistan that it is even a great opportunity to make Malaysia a platform for doing business in the Asean region as we do not have any FTA with the other nine countries," he added.
It was reported in February that both countries would review the FTA as Pakistan wanted the issue of trade imbalance to be addressed. It is at present in Malaysia's favour.
The Pakistan-Malaysia Business Council chairman M. Bashir Janmohammed was reported to have said that both countries needed to address the trade imbalance by diversifying trade products.
Bilateral trade between Pakistan and Malaysia in 2012 was valued at RM6.5 billion. Commodity products imported by Pakistan included those based on palm oil valued at RM4 billion, rubber (RM76.9 million), cocoa (RM33.8 million) and pepper (RM2.42 million).
Pakistan is the fifth largest importer of Malaysian palm oil and palm oil products. Its major exports to Malaysia include fish, potatoes, onion, rice, maize, cotton yarn, woven fabrics of synthetic staple fibre, bed linen, electrical apparatus for line telephones and parts and accessories.
This, he added, is especially after the completion of a review of the free trade agreement (FTA) for closer economic ties, signed by both countries in November, 2007.
He said that with Malaysia's favourable environment and the people's high awareness of the benefits of the FTA, the volume of bilateral trade could be increased and economic ties continue to prosper.
Syed Hassan was speaking to reporters here today at a flag-raising ceremony to mark Pakistan's 67th Independence Day celebration.
He said the FTA was also a great opportunity for business players in Pakistan as it was the only agreement signed between the country and an Asean member.
"This FTA is one of the first entered into between two Muslim countries. This is of great importance to us and we want it to really be fully-functional and fully-operational.
"I have delivered a message to my Pakistani businesses friend in Pakistan that it is even a great opportunity to make Malaysia a platform for doing business in the Asean region as we do not have any FTA with the other nine countries," he added.
It was reported in February that both countries would review the FTA as Pakistan wanted the issue of trade imbalance to be addressed. It is at present in Malaysia's favour.
The Pakistan-Malaysia Business Council chairman M. Bashir Janmohammed was reported to have said that both countries needed to address the trade imbalance by diversifying trade products.
Bilateral trade between Pakistan and Malaysia in 2012 was valued at RM6.5 billion. Commodity products imported by Pakistan included those based on palm oil valued at RM4 billion, rubber (RM76.9 million), cocoa (RM33.8 million) and pepper (RM2.42 million).
Pakistan is the fifth largest importer of Malaysian palm oil and palm oil products. Its major exports to Malaysia include fish, potatoes, onion, rice, maize, cotton yarn, woven fabrics of synthetic staple fibre, bed linen, electrical apparatus for line telephones and parts and accessories.