Pakistan, Bulgaria agree to enhance bilateral trade volume

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ISLAMABAD: Pakistan-Bulgaria Inter-Governmental Commission (IGC) on Tuesday agreed to enhance trade and economic cooperation in the information and communications technology (ICT), agriculture, livestock, tourism, culture, maritime and railway sectors.

The agreement was reached in the 2nd session of Pakistan–Bulgaria IGC where Economic Affairs Division Secretary Noor Ahmed and Bulgaria’s Deputy Minister of Economy of Liliya Ivanova led their respective delegations.

Both sides agreed to work together for the promotion of bilateral trade and investment. The Bulgarian side agreed to facilitate the export of Pakistani citrus fruit, mangoes, rice, raw cotton, dates, fruits and marble to Bulgaria and other countries of Eastern Europe, while Pakistan would facilitate the import of Bulgarian products in Pakistan and third countries.

Both sides agreed to encourage their businessmen for participation in trade fairs and exhibitions. They also endeavoured for the establishment of joint ventures in automotive, engineering and food processing sectors.

On the conclusion of the IGC, an agreement on Avoidance of Double Taxation and the Prevention of Fiscal Evasion was signed by the Federal Board of Revenue director general and the Bulgarian deputy minister.

Representatives of various ministries and organisations, including commerce, information technology, railways, maritime affairs and national food security participated in the session.

Economic Affairs Division Secretary Noor Ahmed, in his concluding speech, said that both the countries would continue to strengthen economic and trade relations in future for the mutual benefit of the two countries.

The Bulgarian minister also reciprocated the spirit of friendship, cooperation and assured that her country would enhance cooperation with Pakistan in the identified areas.

During her stay in Pakistan, Bulgarian Deputy Minister Liliya Ivanova also held meetings with the National Food Security and Research minister and the advisor to the prime minister on commerce.

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