Pakistan Expects MPCEPA Revision To Be Finalised Within Six Months

KUALA LUMPUR, Feb 13 (Bernama) -- Pakistan expects the revision of the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA) to be finalised within six months. The revision is expected to create new contours to facilitate trade between both countries. Pakistan High Commissioner to Malaysia Syed Hassan Raza said delegations from both sides had agreed to discuss in bringing equality to the agreement. "The original MPCEPA, which came into force on Jan 1, 2008, was in favour of Malaysia and we hope that the revision in the next six months will expand more products in the list. "We hope the delegations from both countries can meet in two or three days' time and finalise talks," he told reporters on the sidelines of the Pakistan Expo 2016, here Friday. Syed Hassan said the review of the MPCEPA would add new dimensions pertaining to business needs. "Once you enter an agreement, there is a mechanism within the agreement that you will discuss again, based on experiences, on how it can facilitate businessmen from both countries," he said, adding that he expected more Malaysian companies to invest in Pakistan. "Similarly, we want companies from Pakistan to come to Malaysia and invest here as there are immense opportunities to do business here - being a gateway to the ASEAN region. "So, we hope in the coming months and years, we will have an expansion of trade and more exchanges of trade delegations to hopefully improve trade figures," he said. In 2015, Malaysia's exports to Pakistan dropped 12.9 per cent to US$1.1 billion (US1 = RM4.16) from 2014, while its imports increased 1.6 per cent to US$229.9 million. Malaysia's total trade with Pakistan in 2015 was US$1.3 billion which continued to increase with the Compounded Annual Growth Rate of 3.3 per cent for the past 10 years. --BERNAMA