Pakistan, Malaysia agree to raise level of bilateral trade

Islamabad, Nov 6 (UNI) Pakistan and Malaysia today agreed to raise bilateral trade between them from the present 600 million dollars to one billion dollars.

An agreement to the effect was reached at a meeting between President General Pervez Musharraf and his visiting Malaysian counterpart Abdullah Ahmed Badawi here.

The two countries have decided to sign the free trade agreement by the end of this year and to set up a joint investment company to provide an institutional framework for investment in each other's country.

The two leaders also focused on strengthening the efficacy and role of the organisation of Islamic Conference (OIC) in resolution of disputes, especially in the context of various issues faced by the Muslim Ummah.

President Musharraf requested the Malaysian Prime Minister to encourage more private investors to take advantage of the propitious investment climate in Pakistan.

He also proposed greater collaboration in diverse fields, especially in high technology areas between the two countries.

UNI XC RA PM1941