Economic Diplomacy: A Path to Prosperity, Unlocking Bilateral Trade Potential: Pakistan-Indonesia Relations

TIMESINDONESIA, JAKARTA – Economic diplomacy has grown in importance as a tool for promoting goodwill and boosting economies around the globe in today's more linked world. Rahmat Hindiarta Kusuma, Charge d'Affaires at the Embassy of the Republic of Indonesia in Pakistan, recently stated that there is still untapped potential in bilateral trade between the two countries. With a yearly trade deficit of $4.5 billion, there is a strong case for both countries to use this opportunity to improve their economies.

Pakistan and Indonesia have an untapped trade potential of $4.5 billion, which is significantly lower than their current economic capacities and historical relationships. Both countries have abundant natural resources, broad markets, and a robust industrial foundation that may complement one another. The challenge is identifying and using these qualities to establish a strong commercial partnership.

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The Role of Economic Diplomacy

Economic diplomacy is the use of a country's economic resources to achieve international diplomatic goals. In the context of Pakistan-Indonesia relations, economic diplomacy can act as a stimulant to increase bilateral commerce. By fostering trade agreements, joint ventures, and investment possibilities, both countries may foster a business-friendly climate. The Indonesian delegation's visit to Quetta as part of this diplomatic plan is a positive step forward. It underlines both countries' commitment to strengthening economic connections through direct engagement with local business communities.

Exploring Balochistan’s Potential

During his visit to Quetta, Rahmat Hindiarta Kusuma emphasised the untapped potential of Balochistan. With its vast natural resources and strategic position, this province has the potential to play an important role in Pakistan-Indonesia's economic partnership. Both countries can gain from reciprocal investments and technology exchanges by pursuing prospects in mining, agricultural, and energy industries. The emphasis on interpersonal communication and understanding local cultures lays the foundation for long-term partnership.

Enhancing Trade through Expos

Trade shows provide a wonderful opportunity for firms to promote their products and services, network with possible partners, and explore new markets. The invitation made to the Balochistan business sector to attend the next trade expo in Indonesia is a big opportunity. This exhibition, which will be attended by enterprises from 116 countries, has the potential to provide Pakistani entrepreneurs with access to worldwide markets and vice versa. Such programs not only increase trade, but also promote cross-cultural understanding and cooperation.

Educational exchanges and cultural connections

Education is critical in developing a country's future leadership. The presence of 400 Pakistani students in Indonesia, backed by scholarships, demonstrates the two countries' strong educational connections. Providing more possibilities for Balochistan students might help to strengthen this relationship even more. Educational exchanges help to convey knowledge, skills, and cultural values, generating greater understanding and appreciation among nations. The historical relationship between the founders of both countries, Ahmad Sukarno of Indonesia and Quaid-e-Azam Muhammad Ali Jinnah of Pakistan, serves as a reminder of the profound connections that might be revived through such initiatives.

The Media's Role in Strengthening Ties

The media has a critical role in shaping public opinion and promoting international relations. The media can help to shape a good narrative about Pakistan-Indonesia relations by promoting success stories, business prospects, and cultural interchange. Collaborative efforts between both countries' media channels may amplify the message of friendship and cooperation, encouraging more enterprises and individuals to seek opportunities beyond boundaries.

The path to realising the full potential of Pakistan-Indonesia bilateral trade is multidimensional. Economic diplomacy, which focusses on direct involvement, cultural exchanges, and trade facilitation, has the potential to accelerate this shift. Both governments should prioritise policies that boost investment, lower trade barriers, and promote long-term economic growth. Businesses, for their part, should actively pursue chances for collaboration and innovation.

Finally, the current trade volume of $4.5 billion between Pakistan and Indonesia is only the tip of the iceberg. With the combined efforts of governments, corporations, and the media, this figure can be greatly expanded, ushering in a new period of wealth for both countries. Friendship and historical relationships give a solid foundation for future economic collaboration and mutual benefit. Pakistan and Indonesia may create a precedent for successful economic diplomacy in the area by passing on their heritage to the next generation and cultivating a spirit of collaboration. Let us seize this chance and work together to make the future brighter and more affluent.

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*) Abdul Rafay Afzal, A Law Student at Liverpool John Moores University.

*) This opinion piece is the sole responsibility of the author, not part of the editorial responsibility of timesindonesia.co.id

**) Ikuti berita terbaru TIMES Indonesia di Google News klik link ini dan jangan lupa di follow.