Pakistan to dispatch trade delegation to Bangladesh after Eid-ul-Azha to boost economic ties

Pakistan is set to send a trade delegation to Bangladesh after Eid-ul-Azha, marking a significant step towards enhancing economic ties between the two nations. 

The move comes as both countries seek to strengthen their relationship following changes in Bangladesh’s political landscape, particularly after the fall of Hasina Wajid’s regime.

In preparation for the visit, a delegation from the SAARC Chamber of Commerce and Industry, led by Secretary General Zulfiqar Butt and Women Chamber Chairperson Hina Mansab, met with Pakistan’s Federal Minister for Commerce Jam Kamal Khan on Wednesday. The meeting, attended by senior officials from the Ministry of Commerce, focused on fostering regional trade cooperation, with a specific emphasis on boosting trade with Bangladesh.

The High Commissioner of Pakistan to Dhaka reported that the current government in Bangladesh holds a favorable stance towards Pakistan, with strong goodwill from various political parties. As a result, the two nations are keen to hold the Joint Economic Commission (JEC) meeting as soon as possible. 

The High Commissioner also mentioned recent discussions with Bangladesh’s Commerce Advisor and Secretary, who are currently working on finalizing dates and an agenda for the JEC, which will take place in Dhaka. 

Additionally, Pakistan’s Foreign Secretary visited Dhaka last week for high-level talks, furthering the momentum in diplomatic relations.

The Pakistani delegation is expected to depart for Bangladesh shortly after Eid-ul-Azha, focusing on gathering critical data on industries of interest to both nations, with a focus on import industries and areas for potential collaboration. 

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is preparing a detailed presentation on Pakistan’s export strategy, which will be shared at the upcoming JEC. This presentation will highlight sectors such as food, IT, and textiles, where both countries have converging interests.

Pakistan’s Trade Development Authority (TDAP) and Bangladesh’s Export Promotion Bureau (EPB) are set to sign an MoU during the JEC to enhance bilateral trade. 

Additionally, discussions are underway regarding the renewal of an MoU on standards and testing, as well as proposals for shipping exchanges and affreightment contracts between the two countries.

The issue of trade imbalance and discussions on the South Asian Free Trade Area (SAFTA) and the proposed Free Trade Agreement (FTA) with Bangladesh were also addressed. 

The Ministry of Commerce has shared proposals with the Ministry of Foreign Affairs (MoFA) to discuss with Bangladesh, aiming to resolve trade imbalances and strengthen trade and investment ties.

Both nations are hopeful that the upcoming meetings and agreements will pave the way for a more robust economic partnership, benefiting industries on both sides and contributing to regional economic integration.