LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) and the Pakistan American Business Association (PABA) on Thursday signed a memorandum of understanding (MoU) to increase cooperation with a view to improving the trade and economic activities between Pakistan and the United States.
LCCI Senior Vice President Ali Hassam Asghar and PABA Chairman M Siddique Sheikh signed the MoUon behalf of their respective institutions.
PABA Pakistan Chapter representative Malik Sohail Hussain, LCCI Executive Committee members Zeeshan Sohail Malik, Aaqib Asif, Malik M Khalid Gujjar, Sheikh Sajjad Afzal and Wasif Yousaf were also present on the occasion.
The MoU aims at increasing trade and investment opportunities for the members of both PABA and LCCI in both countries. Both signatories will establish effective consultation, cooperation and exchange of information between them and further agree to hold meetings on regular intervals to identify the focus areas of cooperation.
According to the signed document, PABA and LCCI will work in close collaboration with the respective governments to achieve these goals and further to enhance the liaison and cooperation between the respective organisations in the areas of economic development in key sectors including but not limited to agriculture, academics, art and cultural exchanges, business information and government policies, food sector, education, hospitality and tourism, import-export, infrastructure, investments, jewelry and handicrafts, marbles, pharmaceuticals, professional and technical services, real estate, retail, steel, student exchanges, taxation, transportation and energy, telecom and information technology, and or any other commerce oriented activities to the exclusive benefit of the members of both the organisations.
Both LCCI and PABA will exchange appropriate information regarding the customs procedures to promote cross-border trade and business as customs administrations play a key role in international trade.
Both organisations will cooperation to assist both members in exchange of trade delegations and will provide necessary local support, including issuance of formal visit recommendation letter, facilitation in visa process and facilitation of the visiting delegates.
According to the signed MoU, it has also been agreed that in case of any dispute between the members of both organisations, the dispute will be resolved through mutual consultations.
PABA Chairman M Siddique Sheikh said that there is a dire need to arrange delegation aimed at conducting survey of US markets requirements. He said that there is very minimal representation of Pakistani products in US markets which can be enhanced many times just with the access to the right information of market’s needs. He said that there should be strong liaison among the chambers of commerce and industry of Pakistan and US to strengthen trade and economic ties.