ISLAMABAD, Nov 3 (APP): Pakistan and Indonesia would sign Preferential Trade Agreement (PTA) early next year to boost economic activities and exploit trade potential between the two countries.“Both the countries have agreed to sign Preferential Trade Agreement which has now entered the final stage and is likely to be inked by both the governments in the coming year,” Ambassador designate to Indonesia, Sanaullah told APP in an exclusive talk here.

The PTA would be followed by Free Trade Agreement (FTA) in the years to come to bring the two Muslim brotherly countries close by developing economic as well as cultural links.

Ambassador Sanaullah said both the countries should explore opportunities and take advantage of them to boost trade and bilateral relations for the benefit of the people of the two countries.

“Existing trade volume between the two countries has crossed the figure of US $1 billion, which would be further enhanced for mutual benefit,” he remarked.

He said that Pakistan and Indonesia have combined population of 350 million which is almost equal to European countries, hence providing an attractive market prospective for the businessmen of both the countries.

He urged the business community and the private sector to come forward and take advantage of these opportunities, saying that the government would always facilitate them for such initiatives.

He said that Pakistan and Indonesia have opportunity to do trade in line with other regional countries and stressed the need for making the process of doing business easier.

Ambassador Sanaullah further said that presently Pakistan has been exporting cotton, cotton yearn, carpet and other such commodities to Indonesia.

The ambassador designate also called for developing cultural relations with Indonesia to forge long-term partnership.

“Culture and trade are having great correlation so we have to take them in tandem when improving relations with other countries,” Sanaullah remarked.

To a question, he said that economy has taken vital space in the current global scenario and the countries excelling in economies excel in almost every field.

He stressed the need for enhancing economic ties with other countries saying that this would bring into new technologies in Pakistan and thereby helping economic development and poverty alleviation.

The ambassador visited Islamabad Chamber of Commerce and Industry (ICCI) here on Monday to get feedback from the business community for exploring trade opportunities in Indonesia for Pakistani businessmen.

The businessmen also gave him feedback on attracting investments into Pakistan and for exploring ways and means for enhancing economic ties between the two countries.

They expressed the hope that the ambassador designate would help establish closer trade relations between the two countries, besides facilitating business community in exploring new areas for doing business.

It may be recalled that Ambassador had also served as Ambassador of Pakistan to Romania where he played an important role in furthering bilateral relations of Pakistan and Romania.