Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has stressed that Pakistan and Bangladesh need to have a free trade agreement (FTA) or a preferential trade agreement (PTA) in order to achieve exponential growth in bilateral trade; as there is enormous untapped trade potential which can benefit both the economies.
It is pertinent to note that FPCCI-led Pakistani trade delegation had a flurry of high-profile meetings on the last day of visit with Dhaka Chamber of Commerce & Industry (DCCI); Export Promotion Bureau (EPB) and dinner with Syed Ahmed Maroof, High Commissioner of Pakistan in Bangladesh – which was also attended by Sheikh Bashiruddin, Advisor on Commerce to the Interim Government, Bangladesh.
FPCCI President highlighted that the visit has paved the way for further easing of visa regimes from both sides; online visa processing; direct flights; business-to-business and chamber-to-chamber relations.
At DCCI, Mr. Atif Ikram Sheikh, maintained that bilateral trade volume between the two countries remained below $800 million in 2023 – 24; which in no manner reflects any semblance to the real potential of the combined populations of Pakistan and Bangladesh; i.e. more than 450 million. The minimum we should aim for in next couple of years is $ 2 – 3 billion; and, that is why the two government should negotiate and sign an FTA or a PTA, he added.
Mr. Atif Ikram Sheikh explained that the socioeconomic conditions of both the countries are similar; and, their young populations need to be productively employed in export-oriented industries. We should prefer importing from each other rather than from other countries to make our imports competitive, he added.
At DCCI, Mr. Saquib Fayyaz Magoon, SVP FPCCI, stressed that joint ventures, industrial collaborations, bilateral investments; single-country exhibitions and regular exchange of multi-sectoral trade delegations are a must to foster trade and economic relations. He expressed his pleasure at large import orders for sugar and raw fabric from Bangladesh.
Mr. Atif Ikram Sheikh apprised that Mr. Anwar Hossain, Vice Chairman of Export Promotion Bureau (EPB), Bangladesh, invited Pakistani industrialists, entrepreneurs and investors to set up industries in Bangladesh; and, extended his full support for land provision, infrastructure and supply of utilities to facilitate and boost the investor confidence.
Mr. Saquib Fayyaz Magoon, SVP FPCCI, expressed his pleasant surprise at the openness and facilitation being offered to Pakistani industrialists and investors.
Syed Ahmed Maroof, High Commissioner of Pakistan in Bangladesh, gathered top businessmen, industrialists and social elite of Bangladesh at a dinner hosted by him in the honor of the visiting delegation to create a conducive networking opportunity to forge new trade and corporate allowances.
Sheikh Bashiruddin, Commerce Advisor of the Interim Government of Bangladesh, also graced the occasion – and, reiterated that the government is willing to give preferential treatment to Pakistani exporters and Pakistani products.
At conclusion of the visit, Mr. Atif Ikram Sheikh termed the environment as the dawn of a new era of cooperation, economic growth and prosperity for the two countries.
