FPCCI advocates Pakistan-Bangladesh FTA to unlock $3bn trade potential

KARACHI: Pakistan and Bangladesh must explore a free trade agreement (FTA) or a preferential trade agreement (PTA) to unlock significant untapped trade potential and foster exponential growth in bilateral trade, said Atif Ikram Sheikh, president of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

During the FPCCI-led trade delegation’s visit to Bangladesh, meetings were held with the Dhaka Chamber of Commerce & Industry (DCCI), the Export Promotion Bureau (EPB) and Pakistan’s High Commissioner to Bangladesh Syed Ahmed Maroof. Sheikh Bashiruddin, commerce adviser to Bangladesh’s interim government, also participated in the discussions.

In a statement issued on Wednesday, the FPCCI president emphasised the visit’s success in paving the way for improved visa regimes, streamlined online visa processing, direct flights, and strengthened business-to-business and chamber-to-chamber relations.

Addressing the DCCI, Sheikh noted that bilateral trade volume between Pakistan and Bangladesh remained under $800 million in 2023-24, a figure that does not reflect the potential of the combined populations of over 450 million. “Our minimum target for the next couple of years should be $2-3 billion,” he said, underscoring the urgent need for FTA or PTA negotiations.

Sheikh highlighted the socioeconomic similarities between the two countries, including young populations that must be productively employed in export-oriented industries. “We should prioritise importing from each other to make our trade more competitive,” he added.

Anwar Hossain, vice chairperson of Bangladesh’s EPB, invited Pakistani industrialists, entrepreneurs, and investors to establish industries in Bangladesh, offering support for land provision, infrastructure development and utility supplies to enhance investor confidence.

Maroof hosted a dinner for top Bangladeshi businessmen, industrialists, and influential figures to create networking opportunities and facilitate new trade partnerships.

Bashiruddin assured that Bangladesh’s interim government is open to providing preferential treatment to Pakistani exporters and products, reinforcing their commitment to boosting trade relations.