Pakistan looks to improve bilateral trade

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Pakistan is considering resuming direct flights with Bangladesh and establishing maritime connectivity between the two nations to improve bilateral trade.

"Bangladesh is well-positioned in a variety of economic indexes. So, you want to enhance bilateral trade," explained Imran Ahmed Siddiqui, high commissioner of Pakistan to Bangladesh.

Presently, flights of Biman Bangladesh Airlines to Pakistan have been suspended.

Since there is absolutely no maritime connection between Chattogram interface and Pakistan's slot in Karachi, trade has been held through Singapore and other neighbouring ports. Because of this, trade volumes are but to reach a significant level.

Siddiqui made these feedback during a ending up in Rizwan Rahman, president of the Dhaka Chamber of Commerce and Market (DCCI), in the chamber's business office yesterday.

Trade balance between your two south Asian nations currently tilts towards Pakistan.

In line with the DCCI, trade among Bangladesh and Pakistan reached $543.90 million in fiscal 2019-20.

Of the quantity, Bangladesh's export to Pakistan stood at $50.54 million and imports were $493.36 million.

The high commissioner remarked that there was once a joint monetary commission (JEC) between Bangladesh and Pakistan but its last meeting was held in 2005.

He needed the reestablishment of the JEC for the mutual benefit for both countries.

Siddiqui went on to say that the individual sector of both countries could reap the benefits of cooperation in the agriculture and blue market sectors.

"Pakistan's fashion industry may be a good chance of Bangladeshi entrepreneurs," he said.

Besides, cultural engagements can be a catalyst for strengthening monetary diplomacy. If extra Pakistani businessmen can connect to their Bangladeshi counterparts, considerably more trade opportunities will come up, he added.

DCCI President Rahman said that the participation of Pakistani entrepreneurs in the recently concluded DCCI Organization Conclave-2021 was encouraging.

Rahman also emphasised the necessity to raise regional trade and expenditure through the dynamic intervention of the Saarc.

"In the brand new normal circumstances, businesses started to expand and Bangladesh's individual sector is start for most," he added.

Pakistan may even sign a preferential or no cost trade arrangement with Bangladesh to increase trade volumes, the DCCI chief said.

Rahman also urged the great commissioner to have the initiative to reactivate certain memoranda of understanding signed between your DCCI and various chambers in Pakistan.

NKA Mobin and Monowar Hossain, senior vice-president and vice-president of the DCCI respectively, were also present through the meeting.

Source: https://www.thedailystar.net

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