KARACHI: Pakistan and Indonesia further strengthened their economic partnership with the signing of a Memorandum of Understanding (MoU) on the establishment of the Indonesia–Pakistan Joint Trade Committee (JTC) to enhance dialogue, facilitate cooperation and jointly address opportunities and challenges in bilateral trade, the Pakistani commerce ministry said on Saturday.

The development comes a month after both countries signed seven memoranda of understanding to deepen cooperation in trade, higher education, halal certification and health during Indonesian President Prabowo Subianto’s two-day visit to Islamabad.

The MoU was signed following successful high-level talks led by Commerce Minister Jam Kamal Khan and visiting Indonesian Vice Minister of Trade Ms. Dyah Roro Esty Widya Putri, reflecting a shared commitment to deepening economic ties.

Khan underscored Indonesia’s strategic importance within the Association of Southeast Asian Nations (ASEAN) and highlighting its potential role as a regional hub for fostering trilateral and regional economic cooperation.

“Pakistan could serve as a reliable source for minerals, cosmetics, pharmaceuticals, and agri-food commodities for the Indonesian market,” he was quoted as saying.

Last month, Prime Minister Shehbaz Sharif said Pakistan’s bilateral trade with Indonesia stood at $4.5 billion, with more than 90 percent of it comprising palm oil imports from Indonesia. He said both sides discussed “corrective measures” to balance this trade during President Subianto’s visit to Islamabad.

Commerce Minister Khan conveyed Pakistan’s intention to organize a Single-Country Exhibition and Business Forum in Jakarta, with invitations to be extended to ASEAN member states aimed at showcasing Pakistani products and strengthening regional business linkages, according to the commerce ministry.

The Trade Development Authority of Pakistan (TDAP) sought Indonesian facilitation for the early announcement of fruit import quotas, rationalization of certification requirements for Pakistani exports, notification of rice import quotas, and improved market access for industrial-grade potatoes from Pakistan.

“Both sides agreed to work jointly toward expanding the existing Preferential Trade Agreement (PTA), with the shared objective of progressing toward a Comprehensive Economic Partnership Agreement (CEPA) to unlock greater trade and investment opportunities,” the commerce ministry added.