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MATRADE Organises Trade Talk With Pakistan Counterparts (21 December 2016)

Date: 26/01/2017

Seminar aims to promote awareness on business opportunities in both nations

WEDNESDAY, DECEMBER 21, 2016, KUALA LUMPUR: Malaysia External Trade Development Corporation (MATRADE) joined forces with the High Commission of Pakistan in Malaysia to organise a Trade Talk on 'Doing Business with Pakistan' today. The event was targeted at creating a stronger awareness on business opportunities available for Malaysian and Pakistani business community in both countries. The event was attended by MATRADE’s Chief Executive Officer Dato’ Dzulkifli Mahmud and High Commissioner of Pakistan in Malaysia H.E. Syed Hassan Raza.

At the event, MATRADE puts an emphasis on improving bilateral trade between Malaysia and Pakistan through enhanced relationship between Malaysian companies and the Pakistani counterparts as well as creating more joint ventures in various sectors.

There are numerous opportunities in trade and investment for the companies in both countries especially with thhe Malaysia and Pakistan Closer Economic Partnership Agreement (MPCEPA) which was signed on 8 November 2007. MPCEPA came into force on 1 January 2008. The MPCEPA encompasses liberalisation in trade in goods and services, investment, as well as bilateral technical cooperation and capacity building in areas such as sanitary and phytosanitary measures, intellectual property protection, construction, tourism, healthcare and telecommunications.

According to Dato’ Dzulkifli, both Governments are currently negotiating further reduction of duties on existing and additional tariff lines under the FTA to facilitate business communities of both countries. Currently, products exported to Pakistan from Malaysia include palm oil, fibre board, rubber and electrical & electronics equipment, among others meanwhile Pakistan supplies rice, maize, cotton, textile and onion to Malaysia. H.E Syed Hassan mentioned through his speech that further diversification of products is the key to improving bilateral trade between Malaysia and Pakistan.

“Malaysian companies may not be aware that we have been trading with Pakistan for many years and the MPCEPA helps to reduce the tariff barrier, allowing businesses in both nation more opportunities to foster business relationships with each other. I would like to urge Malaysian companies to engage with MATRADE to have a clearer picture about Pakistan as an export destination for them,” said Dato’ Dzulkifli.

The recent developments of economic cooperation between China and Pakistan which has culminated in China Pakistan Economic Corridor (CPEC), also part of the One Road One Belt initiative, will benefit the entire South and Central Asia regions in terms of connectivity, market access and ease of movement for goods. “This would enhance development prospects of the region and provide investment and trade opportunities for many countries and Pakistan can use Malaysia as its gateway into the ASEAN market,” Dato’ Dzulkifli opined.

The Trade Talk saw a panel discussion on investment by Malaysian Firms-BRDB, Axiata and FGV who shared their experiences in venturing into Pakistan. During the session, the panelists highlighted regulatory and working environment in Pakistan as well as the ease of doing business and facilitation provided to them in Pakistan.

At the end of the Trade Talk, Office bearers of Malaysia Pakistan Business Forum were introduced. The Forum was recently formed to promote bilateral trade between the two countries through exchange of delegations and facilitation in trade fairs.

In 2015, total trade between Malaysia and Pakistan amounted to RM5 billion, an increase of 6.2 percent compared to 2014. The exports to Pakistan totaled RM4.1 billion, an increase of 3.6 percent, where major exported products were palm oil products, chemicals and chemical products and petroleum products. Imports from Pakistan recorded a growth of 19.9 percent valued at RM0.9 billion, contributed mainly by agriculture products, textiles, apparels & footwear and petroleum products.

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