FPCCI Pushes for FTA or PTA Between Pakistan and Bangladesh.
- Unlocking Economic Opportunities for 450 Million People
- Joint Ventures and Industrial Collaborations Highlighted
- Bangladesh Invites Pakistani Investors with Full Support
- High Commissioner’s Networking Event Boosts Trade Ties
- Commitment to Preferential Treatment for Pakistani Exports
- Atif Ikram Sheikh Envisions a New Era of Economic Cooperation
- Call for Streamlined Visas and Direct Flights for Business Growth
Karachi: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), emphasized the urgent need for a Free Trade Agreement (FTA) or Preferential Trade Agreement (PTA) between Pakistan and Bangladesh to unlock immense trade potential. He highlighted that such an agreement could lead to exponential growth in bilateral trade, benefiting the economies of both nations.
Bilateral Trade Potential and Untapped Opportunities
During a high-profile visit to Dhaka, the FPCCI-led trade delegation held significant meetings with the Dhaka Chamber of Commerce & Industry (DCCI) and the Export Promotion Bureau (EPB) and attended a dinner hosted by Syed Ahmed Maroof, the High Commissioner of Pakistan in Bangladesh. The visit underscored the pressing need to enhance trade relations, streamline visa regimes, enable online visa processing, and establish direct flights between the two countries.
Atif Ikram Sheikh pointed out that the current bilateral trade volume, which stood below $800 million in 2023-24, does not reflect the potential of the combined population of over 450 million people in Pakistan and Bangladesh. “We should aim for a trade volume of $2-3 billion in the next couple of years,” he stated, urging both governments to negotiate and finalize an FTA or PTA.
Opportunities for Young Populations and Export Growth
The FPCCI President stressed the similarities in the socioeconomic conditions of the two countries and the need to create opportunities for their young populations by promoting export-oriented industries. He advocated prioritizing imports from each other to make goods more competitive.
At the DCCI meeting, Saquib Fayyaz Magoon, Senior Vice President of FPCCI, proposed fostering joint ventures, industrial collaborations, bilateral investments, and organizing single-country exhibitions to enhance economic ties. He expressed optimism over significant import orders for sugar and raw fabric from Bangladesh.
Bangladesh’s Invitation for Pakistani Investors
Anwar Hossain, Vice Chairman of the Export Promotion Bureau (EPB), invited Pakistani industrialists, entrepreneurs, and investors to set up industries in Bangladesh. To encourage Pakistani investments, he assured full support, including land provision, infrastructure, and utilities.
Saquib Fayyaz Magoon commended the openness and facilitation offered to Pakistani industrialists, expressing confidence in stronger economic cooperation.
Networking for Enhanced Trade Relations
At a dinner hosted by Syed Ahmed Maroof, the High Commissioner of Pakistan, prominent businessmen and social elites from Bangladesh gathered to discuss opportunities for expanding trade relations. Sheikh Bashiruddin, Commerce Advisor to the Interim Government of Bangladesh, reiterated the government’s commitment to providing preferential treatment to Pakistani exporters and products.
The Dawn of a New Era
Concluding the visit, Atif Ikram Sheikh described the engagements as the beginning a new era of cooperation, economic growth, and prosperity for Pakistan and Bangladesh. He hoped that the momentum from these discussions would lead to tangible progress in achieving robust bilateral trade.