Pakistan seeks stronger trade ties with ASEAN bloc

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday hosted a high-profile trade and industry delegation comprising 45 members from various sectors across the Association of Southeast Asian Nations (ASEAN).

The session was attended by Faiz Ahmad, chief executive of the Trade Development Authority of Pakistan (TDAP); Goh Boon Kim, head of the ASEAN delegation -- which included representatives from 10 countries deemed vital for the growth of Pakistan exports -- as well as the consul generals of Indonesia, Malaysia and Thailand.

FPCCI President Atif Ikram Sheikh highlighted that ASEAN consists of Indonesia, Malaysia, Thailand, Cambodia, Laos, Singapore, Myanmar, the Philippines, Vietnam and Brunei, collectively forming the world’s fifth-largest economy and export market with a combined GDP of $3.6 trillion.

The meeting was followed by a special B2B session, providing a platform for Pakistani entrepreneurs to connect with their ASEAN counterparts, explore potential trade opportunities, tap into underutilised export markets, attract investment, and initiate potential joint ventures.

FPCCI Senior Vice President Saquib Fayyaz Magoon said that the ASEAN delegation included leading business figures from a wide array of sectors -- textiles, apparel, agriculture, fisheries, food and beverages, carpets, footwear, construction, insurance, information technology, oil, handicrafts, jewellery, cosmetics, perfumes, healthcare, renewable energy, pharmaceuticals, coffee beans, green coffee, electronics, fruits and spices -- demonstrating a strong interest in strengthening trade ties with Pakistan.

Magoon emphasised that trade relations between Pakistan and ASEAN remain below their true potential. He noted that Pakistan currently has a free trade agreement (FTA) with Malaysia and a preferential trade agreement (PTA) with Indonesia. He also mentioned ongoing negotiations for an FTA with Thailand and a PTA with Vietnam, stressing that Pakistan’s cumulative trade deficit with ASEAN countries stands at $11 billion and must be addressed.