Leaders and Members of UBG have called on all Trade Bodies across Pakistan to explore new avenues for promotion of trade and economic relations with Islamic countries. They suggested the trade bodies to encourage their members to intensify their interaction with their counter-parts and Pakistan missions in Islamic countries.
They added that the low level of trade of Pakistan with Islamic countries was because of lack of information and low level of interaction between the private sector of Pakistan and Muslim countries. Pakistan has signed FTA with Malaysia and PTA with Indonesia and Iran while negotiations for FTA with Turkey and members of Gulf Cooperation Council are underway.
Muslim countries have enormous resources and potential which need to be explored and translated them into real asset, they said. Promotion of economic linkages with the Muslim communities by creating opportunities could help generate greater flow of capital from the Islamic world, they opined.
They further said that OIC being the second largest inter government organization with the membership of 57 states hence it enjoys the status of collective voice of Muslim world to save guard their interest in economic, socio economic and political areas.
They said that Pakistan plays an important role in strengthening the trade and economic relations amongst the OIC member countries and it has strong and significant political relations with all Muslim countries but these relations don’t reflect in terms of trade and economic relations despite the fact that the Head-office of the Islamic Chamber of Commerce and Industry in Pakistan.
They said that at present the trade between Pakistan and OIC countries stood at US $ 28 billion, export to OIC countries US $ 5.6 billion and import from OIC countries US $ 22.7 billion.
Cereal , cotton, mineral fuel, sugar, edible vegetable & fruits, meal, textile etc. are main items of Pakistan’s export to OIC countries while petroleum products, animal fat , plastic , organic and inorganic chemical, iron and steel, machinery, electrical equipment are main items of import.
They said that the direction of trade is influenced by many factors including cost, market access, connectivity, quality, standards and competition but if business community and policy makers work together in identifying the market opportunities and addressing trade barriers, it would possibly create more opportunities for trade among OIC countries.
They said that Pakistan will have the privilege of hosting the 48th meeting of the OIC Conference of Foreign Ministers from March 22 -23 2022 which will coincide with the 75th anniversary celebrations of Pakistan Day. This event will highlight Pakistan consistent commitment to the principles and purposes of the OIC, in particular forester greater unity and solidarity within Muslim world so as to address the multiple challenges facing the Ummah.
