By Samia Khalid ISLAMABAD, Feb 28 (INP-WealthPK): In several areas, ASEAN (Association of Southeast Asian Nations) and Pakistan have a lot of potential for collaboration. The bilateral trade between Pakistan and ASEAN is estimated to be worth more than $7 billion, according to the Islamabad Chamber of Commerce and Industry (ICCI). Pakistan wishes to boost economic development by strengthening ties and cooperation, particularly in the areas of trade, human resource development, education and tourism with the ASEAN countries. ASEAN is a 10-member regional organisation that promotes economic, political, and security cooperation. ASEAN is a thriving organisation with a population of over 649 million people and a GDP of $3.08 trillion (Source: Statistica). Moreover, it is the third-largest market in the world, as well as the fifth-largest economy. The most significant achievement of ASEAN's formation is the transformation of foes into friends and growth partners. By attracting worldwide attention and investment, ASEAN has been able to achieve regional stability and rapid economic growth. ASEAN has Free Trade Agreements (FTA) with six countries: China, Japan, South Korea, India, Australia and New Zealand. Pakistan has a lot of space to grow its commercial ties with ASEAN via its member countries. Malaysia was Pakistan's most important single ASEAN export destination in FY2020–21, with shipments totalling US $232.98 million. Indonesia (US $137.2 million), Thailand (US $141.53 million), and Vietnam (US $136.67 million) were among the most popular export destinations. Under the EU's “Special Incentive Arrangement for Good Governance and Sustainable Development,” often known as “GSP+,” Pakistani exports have been duty-free in all 28 European Union (EU) member states on 91% of tariff lines since January 1, 2014. During FY2020-21, Pakistan's greatest single destination for exports was the United States. Exports to the US were $4.14 billion from July to February in FY2021. With a value of $1.87 billion, China is Pakistan's second-largest export destination, according to the Economic Survey of Pakistan 2020-21). The Indonesian ambassador to Pakistan recently stated that Pakistan had an FTA with Beijing and a similar trade deal had been signed between ASEAN and China, which could benefit both sides. He emphasised the need for Pakistan and ASEAN to explore prospective areas for mutual cooperation in order to boost bilateral trade in a variety of domains. The FTA between ASEAN and China has surpassed all other trading partners, with annual bilateral trade reaching $685.28 billion in 2020 (Source: China International Import Expo). Hence, ASEAN has successfully maintained its status as China’s largest trading partner. Therefore, Pakistan also has an opportunity to boost its exports by finalising an FTA with ASEAN. Pakistan shares close and cordial ties with ASEAN member countries. That’s why Pakistan was granted sectoral dialogue status by ASEAN during the 26^th ASEAN Ministerial Meeting on July 23, 1993, due to the strong support of Indonesia. Also, to get membership in ASEAN's Full Dialogue Partnership (FDP), Indonesia also backed Pakistan. However, the FDP procedure is still delayed due to the moratorium. By enhancing cooperation between ASEAN and Pakistan, bilateral trade will certainly rise until it reaches the desired level. Indonesia, like the rest of ASEAN, supports Pakistan's efforts to establish an FTA with ASEAN. The following are possible initiatives Pakistan might take to boost its collaboration with ASEAN countries:

1. The China-Pakistan Economic Corridor (CPEC) would make Pakistan a hub for both Central Asia and western China in the future. Indonesia, like other countries, is keen on learning more about the possibilities for partnership within the CPEC. In this regard, China and Pakistan may extend their offers of participation in the CPEC project to ASEAN member countries in terms of trade and investment.
2. Strengthening bilateral commercial relations with ASEAN member nations may also be accomplished by active interaction with business players such as chambers of commerce in Pakistan.
3. By engaging in this constructive discourse, the earnest efforts to improve and develop ASEAN-Pakistan ties would bear fruit. In this context, ASEAN missions in Pakistan can help strengthen bilateral and global collaboration.