16/09/2011 (APP): Pakistan-Indonesia Business Forum was concluded at Jakarta with resolve to enhance bilateral trade between the two countries.The forum, attended by the top fifty Pakistani and Indonesian businessmen,was the first event of its kind held in the last fifteen years,said a press release received here on Thursday.Addressing the forum Director General, Ministry of Trade of Indonesia Gusmardi Bustami said that the two countries together make up an ever growing market of more than 440 million people which offers the best opportunities to businessmen and economic entities for building a sound economic partnership.

He said after touching the US$ one billion mark in 2006-007, trade between the two countries slipped downward mainly because Pakistan diverted its purchase of edible oil from Indonesia to Malaysia.

Both the countries needed to enhance their economic engagement adding that being a larger country in term of population and size, Indonesia had better scope of enhancing its exports to Pakistan.

Dr. Ilhamy Elias, Chairman Pakistan Committee of KADIN emphasized exchange of proper information to enable businessmen from both the countries identify specific areas and projects for bilateral trade.

He stressed close cooperation between chambers of commerce of both countries adding that the two countries needed to conclude the PTA as soon as possible.

Secretary Commerce, Zafar Mehmood said that Pakistan and Indonesia were good trading partners and with concerted efforts they could develop a higher level of economic cooperation.

He lamented the war on terror had badly affected Pakistan’s economy as finances from other sectors had to be  diverted for sustaining fight against militancy.

He also attributed Pakistan’s economic difficulties to the calamity of floods in 2010-11 and the devastating earthquake in 2005.

Pakistani exports experienced 28 percent growth last year.  Pakistan was expanding its trade with Iran, Nepal, Sri Lanka, India and countries in the Middle East, he added.

He said it was unfortunate that the two countries could not sign the PTA till now and hoped that his visit to Indonesia would help strengthen economic cooperation and there would also be a move forward on the issue of PTA.

He said contacts between businessmen from both side would fortify economic and trade relations in the private sector.

He also mentioned that Indonesian export of palm oil to Pakistan went down because Pakistan signed FTA with Malaysia. So to revive the palm oil export to Pakistan, signing of PTA in near future would be a positive step.

Earlier, in his opening remarks Ambassador of Pakistan to Indonesia, Sanaullah said the holding of Pakistan-Indonesia Business Forum was a positive step towards enhancing economic cooperation.

He said the present volume of trade US$ 746 million  did not present a true picture of the depth at scale of Pakistan-Indonesia friendship.

Out of this US$ 746 million Pakistan’s share was only US$ 70 million, so there was no reason for Indonesia to be apprehensive about entering a trade agreement with Pakistan.

It may be added here that the 8th round of Pakistan-Indonesia Trade Negotiating Committee (TNC) is scheduled to be held on Friday.