TEMPO Interactive, Jakarta:Bilateral trade between Indonesia and Pakistan within the Preferential Trade Agreement (PTA) is expected to show a real impact on palm oil production. “We will gain an additional income of more than US$1 billion from branded cooking oil exports to Pakistan,” said Trade Deputy Minister Mahendra Siregar on Wednesday.
Pakistan has been a large market for palm oil in the Middle-East, contributing a total value of US$2.5 billion. “Now cooking oil consumers have switched to palm oil,” said Mahendra.
Mahendra continued that Indonesia once dominated 40 percent of palm oil market in Pakistan. “However, after Pakistan and Malaysia established free-trade agreement, our market shrunk to five percent,” said Mahendra.
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