Pakistan And Malaysia Sign Closer Economic And Trade Cooperation Agreement

According to the 7 report of Pakistan business chronicle December, the economic and trade cooperation between Pakistan and Malaysia has become increasingly close in recent years. The two countries signed the early harvest plan for bilateral trade as early as 2005, and the volume of trade increased year by year.

Recently, the Pakistani federal government approved the signing of the FTA agreement between Pakistan and Malaysia and will take effect in January 1, 2008.

This is a similar agreement with third countries since the signing of the FTA agreement between Pakistan and Sri Lanka and China.

At the same time, the two sides also signed the agreement on closer economic cooperation and trade between Pakistan and Malaysia (PMCEPA), in order to further expand the cooperation areas between the two countries, and expand the market access to the Malaysia's superior export products such as cotton yarn, bedding, household textiles, jade, mango, leather and mineral products, while protecting the important industries of Pakistan's automobiles, electronics, footwear, leather, chemical products and paper.

The two sides finally agreed that the tariffs on imported palm oil products from Malaysia will be reduced to 5% in January next year.