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Indonesia, Pakistan PTA to include additional products
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Goods are loaded onto a vessel at Tanjung Emas Port in Semarang, Central Java. Indonesia and Pakistan have agreed to extend the list of goods eligible for lower duties after a recent review of the preferential trade agreement. (Antara Foto/Aditya Pradana Putra)
I
ndonesia and Pakistan will add more products to enjoy lower tariffs under the existing preferential trade agreement (PTA) between the two countries.
The expansion of the items was approved after a recent review of the deal that came into force in 2013.
Trade Ministry international trade negotiation director general Iman Pambagyo said Tuesday that following the latest meeting of the review team last month, both parties had agreed to expand the product coverage as they further assessed challenges in bilateral trade.
“Pakistan will submit the [expanded] product list. We don’t know how many goods to cover, but if, for example, they add 200 items, we’ll also propose the same number,” he said.
The offering might take place in June, Iman further said.
(Read also: Pakistan boosts orange exports to Indonesia)
The PTA, which mainly lowers import duties on Indonesian palm oil and scraps duties on Pakistani kinnow oranges, was reviewed as it was deemed to benefit Indonesia more than Pakistan, with the latter suffering a significant trade deficit.
Indonesia’s exports to Pakistan reached $1.99 billion, while imports stood at around US$174.51 million, according to data from Trade Ministry.
Indonesia mainly sells derivatives of crude palm oil (CPO), fruits and paper and mostly imports cereals, cotton and fruits. (lnd)
