ISLAMABAD: Pakistan and Indonesia have signed bilateral trade pacts and memorandums of understanding worth $10.7 million during a recently held trade expo in the country, state-run media reported on Monday, adding that the development would boost economic relations between the two countries.

Trade Expo Indonesia (TEI) is Indonesia’s largest international trade fair held annually in October. The recent TEI exhibition was held from Oct. 9-12, 2024, at the Indonesia Convention Exhibition.

Pakistan and Indonesia have attempted to bolster their economic ties through trade and investment over the years. The two countries signed a Preferential Trade Agreement in 2012 that became operational in September 2013, allowing for concessional market access to 232 goods from Pakistan such as fresh fruits, cotton and fabrics, and 313 from Indonesia, such as edible palm oil products, sugar confectionaries and cocoa products.

According to the Pakistan Business Council, the trade relationship between Pakistan and Indonesia holds significant potential for growth, with opportunities for increased cooperation in areas like agriculture, textiles, and energy.

“Business-to-business bilateral cooperation trade agreements and memorandums of understanding worth 10.7 million dollars were signed between the two countries during this event,” state broadcaster Radio Pakistan said. “In this regard, Trade Expo Indonesia was held recently to promote bilateral cooperation between Indonesia and Pakistan.”

Radio Pakistan said both countries have also reiterated their desire to increase cooperation in the fields of trade and economy with the support of the Special Investment Facilitation Council (SIFC), a Pakistani hybrid civil-military forum, set up in June last year to attract international investment in its key economic sectors. 

Earlier, Pakistan Prime Minister Shehbaz Sharif also felicitated Indonesian President Prabowo Subianto on taking oath of office. 

“Warm felicitations to H.E. Prabowo Subianto, on taking oath as the President of Indonesia. Our nations have enjoyed fraternal ties, rooted in shared values & mutual respect,” Sharif said in a post on social media platform X.

The prime minister expressed his willingness to work closely with President Subianto to enhance bilateral cooperation and promote regional, and global peace and security.