KUALA LUMPUR (APP) - Pakistan and Malaysia have the potential of a five-fold increase in bilateral trade by tapping unexplored trade potential. This was stated by senator Abdul Haseeb Khan in his meeting with Dato Mukhriz Tun Mahathir, Malaysian Deputy Minister of Ministry of International Trade and Industry (MITI). The senator part of the ten member delegation of top businessmen and industrialists of Korangi Association of Trade and Industry (KATI) of Karachi is visiting Malaysia from June 19 to 23. The meeting was also attended by the Acting High Commissioner for Pakistan in Malaysia, Dr. Imtiaz A. Kazi, Commercial Consular, Wajiullah Kundi and Malaysian Counsel General in Karachi Mohd Khalid Abdul Razak. Senator Haseeb said Pakistan and Malaysia can improve their bilateral trade and investment substantially by identifying untapped areas and encouraging their business communities to take full advantage of enabling environment, particularly after the signing of Free Trade Agreement in November, 2007. Malaysias Deputy Minister for MITI said his country was recognized as a global Halal hub for sourcing and sale of halal products. Malaysia considers Pakistan as a choice partner to jointly capture global halal business worth two trillion US Dollars. He said Pakistan was the second largest trading partner of Malaysia in South Asia and since signing of FTA, the bilateral trade had increased from RM 4.6 billion in 2007 to 6.2 billion in 2008 registering an increase of 33.9pc. The issuing of Certificate of Origin to the Malaysian businessmen had also registered 79.8pc increase and reflected enhanced confidence of Malaysian businessmen and traders to do business with Pakistan. MITI Deputy Minister said Malaysia was about to launch its 10th Malaysia Plan based upon countrys New Economic Model meant to usher Malaysia into a high income bracket country. In this regard, he said emphasis will be made on development of value added industries, promotion of SMEs and green technology. Senator Haseeb urged Malaysian Deputy Minister to consider opening of a trade office in Pakistan to cater to growing volume of trade and investment between the two countries and to facilitate their business communities to interact for meaningful cooperation, networking and business match-making. He also invited the Dy. Minister to lead a trade and investment delegation to Pakistan to gain first hand experience of the vibrant business environment in Pakistan. The Acting High Commissioner suggested expeditious holding of Joint Ministerial Commission meeting to discuss existing level of economic cooperation and assist the business community of both the countries in furtherance of bilateral trade ties. The Acting High Commissioner also suggested convening of Joint Review Committee under Article 8 of FTA to review existing regime of duties and tariffs under FTA, and to chalk out future plan to further facilitate the trade, commerce and investment between the two countries.