By Hamid Mahmood ISLAMABAD, Feb. 04 (INP-WealthPK): The bilateral trade between Pakistan and Indonesia has grown from $466.5 million in 2004 to almost $2.6 billion in August 2021, with the balance of trade strongly skewed in Indonesia's favour. Since the implementation of the Preferential Trade Agreement in 2013, the two nations' trade relations have progressed significantly. Indonesia is one of Pakistan's top 10 trading partners. The two nations' commercial relations have progressed significantly, with Indonesia being Pakistan's eighth-largest trading partner in 2018. Source: UN Comtrade Database/WealthPk Research Cotton, seafood, clothing accessories, and sports items, tobacco, leather, cotton textiles, textile made-ups, and copper scrap are all major exports from Pakistan to Indonesia. Palm oil is Pakistan's most important import from Indonesia, worth roughly $1.5 billion in 2020. Coal, man-made staple fibres, paper and paperboard, betel nuts, rubber, soap preparations, tea and spices, chemical goods, organic compounds, and motor cars are among the other important products. Around 40 agreements and memorandums of understanding (MoUs) have been made between the two nations, encompassing all elements of the bilateral ties, including politics, economy, commerce, culture, and defence. The Republic of Indonesia, like other nations, announced its ambition to be a member of the China-Pakistan Economic Corridor (CPEC) in 2018, either by exporting coal for power projects or by establishing a railway system for the mega project. Pakistan must focus on high value-added garments like potential textile products, as well as high-potential food items like fruits and vegetables, to improve Pakistan's exports. More trade fairs and marketing of textile goods, particularly high value-added items in place of low value-added products, will allow Pakistan to penetrate this market. Increased research and development (R&D), awareness, proper branding, stringent marketing, trade shows, and promotional activities might all aid the horticultural sector in realizing its full potential. Pakistan, on the other hand, has to diversify its exports to Indonesia and avoid relying solely on agricultural items. Increased participation in Indonesian trade exhibits, which are held every year to promote their products, can help bridge the knowledge gap. Expos, displays, and similar meetings should be pushed and made possible so that Indonesian enterprises may learn about Pakistani products. The Pakistan Indonesia Business Forum (PIBF) and the Pakistan Embassy in Jakarta can help promote Pakistani companies and products in Indonesian markets. Indonesian Ambassador Adam Mulawarman Tugio said increasing bilateral trade between Indonesia and Pakistan is a major task for him. In a recent speech to local entrepreneurs and exporters at Sialkot Chamber of Commerce and Industry (SCCI), he noted that while Indonesia and Pakistan were two brotherly Muslim countries with long-standing warm and friendly connections, their commercial relationships have yet to reach their full potential. He stated that Pakistan already had a unique and crucial geostrategic location in the area, and that the opening of the CPEC has increased its significance. The Indonesian ambassador believes that as a result of the CPEC, Pakistan would not only experience amazing economic development and prosperity, but also help promote the economies of other South Asian nations. According to him, the CPEC would turn Pakistan into a centre for exploring regions of western China and Central Asia. He believes that the CPEC would significantly improve the economic conditions of Pakistan and many other nations in the region. Several Indonesian firms are interested in investing in Special Economic Zones (SEZs) being developed under the CPEC, the ambassador stated in an interview with the state-run Radio Pakistan in early December 2021. He stated that CPEC projects will be a game-changer for the whole area because of the connectivity they will provide up to Central Asia and western China.