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Malaysian envoy calls for strengthening trade

Malaysia and Pakistan through mutual cooperation and joint initiatives can advance in various social and economic fields.
Malaysian Consul General Khairul Nazran Abd Rehman said this on Saturday. The diplomat was of the view that bilateral cooperation between two countries was not only confined to political and economic spheres but also in other areas such as education, tourism, defence and technical assistance.
Malaysia and Pakistan have enjoyed warm relations since the establishment of diplomatic relations between them in 1957, the Malaysian envoy said, adding that both the countries have historically shared similar position on regional and international issues and have both participated in the Non-Aligned Movement, Organisation of Islamic Conference and G-77 organisation.
The diplomat also acknowledged Pakistan’s trading ties with Malaysia, calling the latter as one of the Malaysia’s largest trading partners among South Asian countries. However, has stressed the need for diversifying trade between and two countries by going beyond palm oil and cereals. Malaysia and Pakistan signed a free trade agreement (FTA) on November 8, 2007 in Kuala Lumpur. It was Pakistan's first comprehensive FTA for trade in goods and services while it was Malaysia's first bilateral FTA with any South Asian country.
In 2017, trade between Pakistan and Malaysia increased by 3.5%. Pakistan also emerged as an important market for palm kernel cake, which is used as an ingredient for animal feeds.
Pakistan imported 0.3 million tonnes of palm kernel cake in 2017 and became the fourth largest importer of the commodity after New Zealand, European Union and South Korea.
Source: The News