Pakistan Calls for Enhanced Connectivity and Joint Export Strategies
- New CEPA Agreement: A Step Toward Economic Integration
- Halal Industry and Tourism: Untapped Potential for D-8 Economies
- Challenges to Intra D-8 Trade: Infrastructure, Tariffs, and Regulations
Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) actively participated in the General Assembly meeting of the Developing Eight Chamber of Commerce and Industry (D-8 CCI) held in Cairo, Egypt. Atif Ikram Sheikh, President of FPCCI, shared this update, emphasizing the importance of this collaboration between member countries, including Türkiye, Egypt, Iran, Nigeria, Bangladesh, Indonesia, and Pakistan.
The meeting was attended by key dignitaries, including H.E. Eng. Hassan El Khatib, Egypt’s Minister for Investment and Foreign Trade; H.E. Dr. Badr Abdelatty, Minister for Foreign Affairs, Emigration, and Egyptian Expatriates; and H.E. Ambassador Isiaka Abdulqodir Imam, Secretary General of the D-8 Organization for Economic Cooperation.
Mr. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, highlighted Pakistan’s trade, economic, and investment ties with D-8 countries during his address. He underlined the need for improved connectivity, direct flights among member countries, and the implementation of a joint export strategy. Mr. Magoon also shed light on the untapped potential in the halal industry and tourism sector.
He welcomed the decision to transform the Preferential Trade Agreement (PTA) of D-8 into a Comprehensive Economic Partnership Agreement (CEPA), which could pave the way for significant economic integration. However, he pointed out that the current trade volume among member countries is far below its potential. The D-8 PTA was designed to boost trade to $500 billion by 2030, yet progress remains slow.
The newly elected President of D-8 CCI, H.E. Ahmed El Wakil from Egypt, emphasized that member countries could collaborate in sectors such as agriculture, food processing, metal industries, high-tech manufacturing, software development, energy, and tourism.
Representatives from all member countries recognized the untapped potential within the D-8 bloc. They stressed the complementary strengths of their diverse economies, which could foster meaningful partnerships.
However, challenges such as inadequate infrastructure, visa barriers, poor connectivity, tariff issues, and weak business-to-business linkages were noted as obstacles to realizing this potential. Regulatory misalignments, inefficient customs procedures, and lack of market intelligence were also cited as hurdles to enhanced cooperation.
Participants suggested investing in ocean-based industries and sustainable marine ecosystems as a way to unlock the bloc’s trade potential. They highlighted the role these investments could play in supporting mineral and energy resources, creating jobs, and diversifying member economies.
The D-8 CCI meeting underscored the need for actionable strategies to strengthen economic ties and achieve the bloc’s ambitious trade goals. FPCCI’s active participation demonstrated Pakistan’s commitment to fostering collaboration and harnessing the opportunities within the D-8 framework.