KUALA LUMPUR, Nov 4 (APP): Pakistan and Malaysia on Wednesday agreed to form joint ministerial committee, a Business Council and working groups to review and carry forward the implementation on decisions reached between the two countries for bilateral trade and investment.

The decision was taken in a meeting held between Foreign Minister Shah Mahmood Qureshi and Minister for International Trade and Industry Dato Mustapa Bin Mohamed of Malaysia, in Kuala Lumpur.

Shah Mahmood Qureshi said although Pakistan and Malaysia are engaged in trade and investment since long, but the volume and base of trade and investment was very small as against the potential, says a message issued by Pakistan's High Commission in Malaysia.

He said that FTA signed between Malaysia and Pakistan in November 2007 was highly underutilized and there was a pressing need for it's review.

The Article 8 of the FTA necessitates holding of meeting of Joint Committee of Pakistan and Malaysia to review the implementation on FTA, identify snags and suggests ways and means to improve the relevant provisions of FTA.

The Foreign Minister also suggested formation of a Joint Ministerial Committee to follow-up the implementation on the decision made at the highest level to translate them into a meaningful cooperation in trade and investment.

He also suggested the formation of a Joint Business Council comprising representatives from Chamber of Commerce and Industries for both the countries to promote bilateral trade.

Qureshi said Malaysia can benefit from investment  and trade with Pakistan, as Pakistan has a large consumer market of 170 million people, needing 6,50,0000 low cost houses every year.

The Minister said Pakistan has also set up an exclusive economic zone for Malaysia in the province of Sindh wherein Malaysia can setup its manufacturing base and can supply its finished industrial products to Pakistan and markets of Central Asia and South West Asia.

He said the government of Pakistan will extend all out help and assistance to Malaysia in setting up its industry in the exclusive Economic Zone.

The Foreign Minister said Pakistan is also holding Expo Pakistan from December 3-5. He invited the Malaysian businessman and entrepreneurs to participate in Expo Pakistan and showcase their products for the benefits of buyers who are attending the expo from around the world.

The Minister of International Trade and Industry, Malaysia welcomed the proposals made by the Foreign Minister and assured Malaysia's all out support and cooperation in promoting trade and investment between the two countries.

He also agreed to the formation of Joint Ministerial Commission and Joint Business Council and working groups to review and monitor implementation the decisions taken at the highest level between the two countries.

In the meeting, Foreign Minister of Pakistan was assisted by six business delegates from Pakistan including Asad Sajjad, Halal Development Project, Karachi, Anjum Saleem, Shakargang Food Products, Muneer Shah Nawaz, Shezan Ltd Lahore, Asif Ghias, Director Zenith Associate, Lahore, Abdul Aziz Tumbi, Senior Executive Al Shaheer Corporation, Karachi, Kamran Ahmed Khili, CEO, Al Shaheer Corporation, Karachi.