FLASHNEWS:

Pakistan and Bangladesh Urged to Consider Free Trade Agreement for Growth

Karachi: The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, has called for the establishment of a free trade agreement (FTA) or a preferential trade agreement (PTA) between Pakistan and Bangladesh. He argues that such an agreement would unlock significant growth in bilateral trade, tapping into the substantial potential that remains unexploited, and benefiting both economies.

According to a statement by Federation of Pakistan Chambers of Commerce and Industry, a Pakistani trade delegation, led by the FPCCI, concluded a series of high-level meetings in Bangladesh. The delegation met with the Dhaka Chamber of Commerce and Industry (DCCI), the Export Promotion Bureau (EPB), and attended a dinner hosted by Syed Ahmed Maroof, the High Commissioner of Pakistan in Bangladesh. The dinner was also attended by Sheikh Bashiruddin, Commerce Advisor to the Interim Government of Bangladesh.

Mr. Sheikh emphasized that the visit has set the stage for easing visa regimes, enabling online visa processing, establishing direct flights, and fostering business-to-business and chamber-to-chamber relations. During discussions at DCCI, he noted that the bilateral trade volume between Pakistan and Bangladesh remains below $800 million for 2023-24. He highlighted the potential for growth, suggesting a target of $2-3 billion in the coming years, necessitating negotiations for an FTA or a PTA.

Furthermore, Mr. Sheikh pointed out the similar socioeconomic conditions of the two countries, stressing the need for productive employment for their young populations in export-oriented industries. He advocated for mutual imports to enhance competitiveness.

Saquib Fayyaz Magoon, Senior Vice President of FPCCI, highlighted the importance of joint ventures, industrial collaborations, and regular trade delegation exchanges to strengthen trade relations. He expressed satisfaction with significant import orders for sugar and raw fabric from Bangladesh.

The delegation also reported that Anwar Hossain, Vice Chairman of Bangladesh's Export Promotion Bureau, invited Pakistani entrepreneurs to establish industries in Bangladesh, offering support for land provision, infrastructure, and utilities to boost investor confidence.

Mr. Magoon noted the openness and facilitation extended to Pakistani investors. Meanwhile, the High Commissioner of Pakistan in Bangladesh facilitated a networking event to encourage new trade collaborations.

Commerce Advisor Sheikh Bashiruddin reiterated Bangladesh's willingness to offer preferential treatment to Pakistani exporters and products. Concluding the visit, Mr. Sheikh described the atmosphere as heralding a new era of cooperation and economic prosperity for both nations.