Islamabad Eyes Significant Boost to Agri-Trade with Southeast Asian Nation
Key Takeaways:
i) Pakistan is in advanced discussions with Malaysia to finalize a halal meat export deal projected to reach $200 million over the next five years.
ii) This potential agreement follows high-level talks and a mutual understanding established during the recent visit of the Malaysian Prime Minister to Pakistan.
iii) The deal is expected to strengthen bilateral economic ties, enhance Pakistan’s export sector, and foster collaboration in other areas like trade, IT, energy, and agriculture.
Money Matters Monitoring – Pakistan is actively pursuing a substantial halal meat export agreement with Malaysia, potentially injecting $200 million into the nation’s export revenue over the next five years. This development was highlighted by the Minister for National Food Security and Research, Rana Tanveer Hussain, during a meeting focused on bolstering the country’s halal meat exports.
According to a press release from the Ministry of National Food Security and Research, Minister Rana Tanveer emphasized the government’s commitment to expanding the halal meat industry and tapping into lucrative international markets. He stated that negotiations with Malaysia are at an advanced stage, and the finalization of this deal would not only provide a significant economic boost but also strengthen the bond between the two nations.
“If finalized, our halal meat exports could reach $200 million within the next five years,” Minister Rana Tanveer said. He further added that this collaboration holds immense potential for mutual economic benefits and deeper engagement in various sectors, including trade, information technology, energy, and agriculture.
The Minister assured that Pakistan is dedicated to upholding the highest quality standards in its meat processing and exports, ensuring that Malaysia receives premium-grade halal meat. He pointed out that Pakistan currently stands as Malaysia’s third-largest trading partner in South Asia, indicating a strong existing economic relationship that can be further enhanced through this agreement.
This initiative gained momentum during the recent visit of the Malaysian Prime Minister to Pakistan, where both countries agreed in principle to explore and finalize a $200 million halal meat export deal. During the visit, discussions also involved the Pakistan-Malaysia Business Council (PMBC) and the Malaysia-Pakistan Business Council (MPBC) working towards a Memorandum of Understanding (MoU) to further enhance cooperation in the halal trade sector.
The potential deal signifies Pakistan’s ambition to capitalize on the growing global halal market and strengthen its agricultural trade balance. It is anticipated to create opportunities within Pakistan’s livestock sector and related industries, contributing to sustainable economic growth.
