ISLAMABAD, July 13: The Islamabad Chamber of Commerce and Industry (ICCI) will sign a memorandum of understanding with Jakarta Chamber of Commerce and Industry to institutionalize relationship between the business communities of the two countries.

This was agreed in a meeting of the Indonesian ambassador to Pakistan Anwar Santoso with the ICCI officials at the chamber. The ICCI president, Zubair Ahmed Malik, said the proposed MoU would help increase the current volume of trade between the two countries.

During the meeting, it was pointed out that there was inadequate information and data available regarding the potential for trade promotion and investment between the two countries. The participants were of the view that the proposed MoU would meet this need.

The Indonesian ambassador said that following Pakistan's entry into Asean Regional Forum, economic and trade relations between the two countries should receive a boost.

In this connection, he said, a seminar and single-country exhibition of Indonesian products would be held in collaboration with Pakistan's Export Promotion Bureau (EPB) in Lahore in the mid of September.

Mr Santoso said direct linkage between the business communities of the two countries had been lacking. He stressed importance of strengthening bilateral trade. The ICCI office-bearers said the volume of two-way trade between Pakistan and Indonesia was inadequate.

In 2000-01, Pakistan's trade with Indonesia amounted to $136.4 million in exports and $161.7 in imports, whereas in 2002- 03, this volume was reduced to exports of $73.3 million while the imports increased to $257.3 million. The ICCI president pointed out that the reduction in exports was a matter of concern and efforts should be made to redress this situation.