Pakistan, Bangladesh establish joint business council to boost trade

KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and the Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) signed a memorandum of understanding (MoU) on Monday to establish the Pakistan-Bangladesh Joint Business Council (JBC), aimed at strengthening and facilitating trade between the two countries.

According to an FPCCI statement, President of the FPCCI Atif Ikram Sheikh revealed that a Pakistani trade delegation, led by the FPCCI, participated in the Bangladesh-Pakistan Business Forum in Dhaka, which was organised by the FBCCI.

Administrator of the FBCCI Muhammad Hafizur Rahman stressed the importance of utilising regional platforms such as the South Asian Association for Regional Cooperation (Saarc) and the Organisation of Islamic Cooperation (OIC) to enhance Bangladesh-Pakistan trade relations. He also highlighted the potential for collaboration in sectors like energy, education, technology, human resources development and research.

Senior Vice President of the FPCCI Saquib Fayyaz Magoon highlighted the importance of economic diplomacy in achieving substantial milestones for Pakistan. “Business, industry and trade communities can forge closer ties that create wealth and prosperity,” he said. Magoon also mentioned that the delegation plans to visit the Dhaka International Trade Fair (DITF) to explore potential cooperation and assess international trends across various industries.

Sheikh added that the delegation held a productive meeting with Sheikh Bashiruddin, adviser to the Ministry of Commerce in Bangladesh, a day earlier. In the meeting, the Bangladeshi government expressed its intent to support Pakistani exporters. Sheikh further mentioned that Bangladesh had relaxed visa requirements for Pakistani nationals, a move reciprocated by Pakistan.

The FPCCI’s chief also pointed out that the Pakistani delegation had discussions with the Bangladesh Investment Development Authority (BIDA) and the FBCCI, focusing on trade promotion activities, delegation exchanges, and single-country exhibitions. Sheikh mentioned that Pakistani exporters had already received an initial order of 25,000 metric tonnes of sugar, while the demand for raw fabric from Bangladesh was so high that Faisalabad is struggling to meet it. “These are promising signs, and it is just the beginning,” he added.

Sheikh noted that the forum represented a diverse range of industries, including electronics, automobiles, industrial machinery, carpets, toys, ceramics, sanitary products, handicrafts, fabrics, ready-made garments, leather goods, home appliances, processed foods, furniture, plastics, jute products, cosmetics, sports goods and jewellery.