Indonesia abolishes up to 30 percent import duties on Pakistani products

TakhreebKaar

Politcal Worker (100+ posts)
KARACHI: Indonesia abolished import duties of up to 30 percent on 20 Pakistani products in a trade deal to secure future of more than one billion dollars of palm oil exports to the south Asian economy that is shifting to a new supplier on long-awaited tariff concessions, industry officials said on Friday.

“The renegotiated trade deal is a step towards securing future of Indonesian palm oil exports to Pakistan,” Ehsan Malik, chief executive officer of a pan-industry advocacy group Pakistan Business Council (PBC) told The News.



Malik said Pakistani government is to announce the breakthrough in day or two.
The Indonesian government has long been mulling import duty concessions for 20 tariff lines, including rice, mangoes and value-added textiles, under the revised preferential trade agreement (PTA) originally signed with Pakistan in February 2012.“The latest move is a preemptive move to shift of Pakistani palm oil buying orders to Malaysia,” Malik said.


Indonesia is the dominant palm oil exporter to Pakistan, exporting worth $1.5 billion of commodity in a year.“(But) Indonesia is losing market share to the world’s No. 2 producer, Malaysia,” Abdul Rasheed Jan Mohammed, chairman of the Pakistan Edible Oil Refiners Association told Jakarta Globe.

Indonesia withdrew import duties in the range from 7.5 to 30 percent.The PBC estimates an incremental export potential arising from the duty relaxation of $320 million, subject to capacity and quality competitiveness of the offerings.

In 2017, Pakistan imported goods, mainly vegetable oil, worth $2.4 billion from Indonesia. The country’s exports, however, stood at $241 million, leaving a trade deficit of $2.2 billion.

“On an annualised basis the relaxation of tariffs will enhance exports from Pakistan to Indonesia by 133 percent and reduce the deficit by 15 percent,” the PBC said in a statement.

In January, Indonesia and Pakistan finalised the review process for the PTA and the former agreed to grant tariff concessions on major exports from the latter, including zero percent tariff on tobacco, textile fabric, rice, ethanol, citrus (kinnow), woven fabric, t-shirts, apparel and mangoes. Indonesia’s global imports under these tariff lines are around $600 million.

Previously, Pakistan provides preferential tariffs to 313 imports from Indonesia that allows 232 imports from Pakistan under reduced duty structure.Analysts said Pakistani exporters have been unable to benefit from around 200 tariff lines, reflecting in decline in exports.

Source : The News
 
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deviliicious

Senator (1k+ posts)
No this was a dream of BB stop the propaganda that IK did this or it is because of the new government the sang e buniyad was by nawaz sharif stop you all, please
 

sangeen

Minister (2k+ posts)
جس کام میں بھی ہاتھ ڈالو اور ایمانداری سے کرو تو اللہ کامیابی دیگا۔۔ بدقسمتی سے نواز اور زرداری صرف ان چیزوں میں ہاتھ ڈالتے تھے جن میں ان کا ذاتی مفاد ہوتا تھا۔۔ اب جب ریاست نے ان کے پیچواڑے میں ہاتھ ڈال دیا ہے تو چیخیں مریخ تک سناٸی دے رہی ہیں۔۔
 

Galaxy

Chief Minister (5k+ posts)
The Muslim countries must come together and expand business among each other.This is dire need of time.
 

Aslan

Chief Minister (5k+ posts)
The Muslim countries must come together and expand business among each other.This is dire need of time.
Muslims have abundant resources eg oil,gas and other minerals but their leadership has no vision to expand trade.Muslims are arguing and fighting with each other instead of resolving their differences.Countries like Afghanistan and Bangladesh have become vassals of Hindu India because their leadership is basically anti-Muslim.If the Muslims don't mend their ways then the non-Muslims will take advantage of their weakness as it is happening now,Hindus and Jews are the biggest danger to Muslims but Muslims have not realised this yet.
 

chandaa

Chief Minister (5k+ posts)
IK and team working 24 / 7 to revive economy of Pakistan. Well done, keep it up!
 

FANNE

MPA (400+ posts)
Muslims have abundant resources eg oil,gas and other minerals but their leadership has no vision to expand trade.Muslims are arguing and fighting with each other instead of resolving their differences.Countries like Afghanistan and Bangladesh have become vassals of Hindu India because their leadership is basically anti-Muslim.If the Muslims don't mend their ways then the non-Muslims will take advantage of their weakness as it is happening now,Hindus and Jews are the biggest danger to Muslims but Muslims have not realised this yet.
abe ullu kya muslim laga rakha hai ? ,bhikh mangne ke liye ?
pahle apni auqat dekho .
this is why arab or other muslims treat you like beggar , what jews or hindus have to do with your dealings with muslims ?
 

shapik

MPA (400+ posts)
We should squeeze them for more concessions 2billion trade is a big things and these bloody Indonesians don’t even give visa to Pakistanis unless you bring a local reference not even tourist visa.
Bohat hogaya musalman bhai bhai... they getting 2 billion from us a year B maro inki
 
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