ISLAMABAD, Apr 12 (APP): The number of Certificates of Origin issued to Malaysian Businessmen by the Malaysian Government to claim reduced duties and taxes under FTA has registered three fold increase in the past two years, reflecting intensive trade and investment volume between the two countries. This was stated by the Malaysian Deputy Minister for Ministry of International Trade and Industry, Dato Mukhriz Tun Mahathir, during his meeting, with the Acting High Commission for Pakistan to Malaysia , Dr. Imtiaz Ahmad Kazi, who called on him in Kuala Lumpur.

The Deputy Minister said that volume of trade between Pakistan and Malaysia was registering continued upward trend after the signing of the FTA in 2007, says a message received here from Malaysia today.

In view of high potential of trade, investment and business opportunities between the two countries, current level of trade could be enhanced further by sensitizing businessmen of both the countries about benefits of FTA, he added.

The Minister termed the export of Malaysian Palm oil to Pakistan an important component in the bilateral trade and said that Malaysia would like to pursue exports of its service, electronic and manufactured goods to Pakistan to further diversify its export base.

The Acting High Commissioner informed the Deputy Minister that Pakistan Chapter of Joint Business Council had been constituted, whereas, formation of Malaysian Chapter was expected to be completed soon.

The JBC could be launched when the Prime Minister of Pakistan Syed Yusuf Raza Gilani will visit Kuala Lumpur to attend the World Islamic Economic Forum (WIEF) being held from May 18 to 20, 2010, he added.

The Acting High Commissioner for Pakistan also suggested holding of a series of seminars and exhibitions both in Pakistan and Malaysia to create awareness about the benefits of FTA and prospects to multifold increase in the business and economic activities, its implementation could bring in, to the mutual benefit of the two countries.

Dr. Kazi also suggested expeditious holding of a long overdue meeting of Joint Ministerial Commission (JMC) between the two countries to discuss range of issues, and informed the Minister that meeting of the JMC, required to be held every year, alternatively by Malaysian and Pakistan could not be held since its last meeting hosted by Malaysian in 2004.

Dato Mukhriz Tun Mahathir was informed that proposal was under discussion to look at a possibility of bringing JMC to the Deputy Minister’s level to ensure its regular meetings, keeping in view of the busy schedule of the Foreign Ministers.