Pakistan Hopes MPCEPA Revision Brings Equitable Benefits

KUALA LUMPUR, Feb 10 (Bernama) -- Pakistan hopes the revision of the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA), expected this year, will bring more equitable benefits to both countries. Pakistan High Commissioner to Malaysia Syed Hassan Raza said the original MPCEPA, which came into force on Jan 1, 2008, was in favour of Malaysia and it was hoped that the revision this year would add more products in the list that would bring equality in the agreement. "We want to add more in the tariff line. We want to balance it and make it more even to both countries," he told reporters at a briefing on the Pakistan Expo 2016 (Pexpo 2016) here Wednesday. He said the review was in accordance with a clause in the MPCEPA which stipulated that the agreement would be revised after several years after its implementation. "We are expecting a delegation from the Pakistan's Ministry of Commerce to visit Kuala Lumpur in the next two to three months to discuss with the Ministry of International Trade and Industry (on the MPCEPA revision)," he added. Syed Hassan said it was also hoped that the revision would improve the perception among Pakistani businessmen who felt that the benefits of the agreement was not fully realised. "There is a genuine sense in Pakistan that the agreement has not benefitted (the business community) as much as it should have. "It has to be equitable and just to the businesses of both countries," he added. On the four-day Pexpo 2016 at the Mid-Valley Exhibition Centre here starting Friday, he said it would be a platform for Pakistani businessmen to seek opportunities and build their presence in Malaysia. He said 63 leading Pakistani exporters and exhibitors of 19 product sectors, including surgical/medical instruments and fashion industries, would take part in the expo, which is expected to attract over 150,000 visitors. Last year, Malaysia-Pakistan bilateral trade stood at almost US$1 billion, of which 80 per cent was made up of commodities. -- BERNAMA