Mr Atif Ikram Sheikh, President of FPCCI, has stressed that Pakistan and Bangladesh need to have a free trade agreement (FTA) or a preferential trade agreement (PTA) to achieve exponential growth in bilateral trade, as there is enormous untapped trade potential, which can benefit both the economies.
It is pertinent to note that the FPCCI-led Pakistani trade delegation had a flurry of high-profile meetings on the last day of its visit to the Dhaka Chamber of Commerce & Industry (DCCI), the Export Promotion Bureau (EPB), and Syed Ahmed Maroof, the High Commissioner of Pakistan in Bangladesh. Sheikh Bashiruddin, the Advisor on Commerce to the Interim Government of Bangladesh, also attended dinner with the delegation.
FPCCI President highlighted that the visit has paved the way for further easing of visa regimes from both sides: online visa processing, direct flights, business-to-business, and chamber-to-chamber relations.
At DCCI, Mr Atif Ikram Sheikh maintained that bilateral trade volume between the two countries remained below $800 million in 2023 – 24,, which does not reflect the real potential of the combined populations of Pakistan and Bangladesh,, which is more than $450 million. He added that the minimum we should aim for in the next couple of years is $2 – 3 billion, and that is why the two governments should negotiate and sign an FTA or a PTA.
Mr. Atif Ikram Sheikh explained that the socioeconomic conditions of both countries are similar, and their young populations need to be productively employed in export-oriented industries. He added that we should prefer importing from each other rather than from other countries to make our imports competitive.
At DCCI, Mr. Saquib Fayyaz Magoon, SVP FPCCI, stressed that joint ventures, industrial collaborations, bilateral investments, single-country exhibitions, and the regular exchange of multi-sectoral trade delegations are essential to fostering trade and economic relations. He expressed his pleasure at the large import orders for sugar and raw fabric from Bangladesh.
Mr Atif Ikram Sheikh informed that Mr Anwar Hossain, Vice Chairman of the Export Promotion Bureau (EPB) in Bangladesh, invited Pakistani industrialists, entrepreneurs, and investors to set up industries in Bangladesh and extended his full support for the land provision, infrastructure, and the supply of utilities to facilitate and boost investor confidence.
Mr. Saquib Fayyaz Magoon, SVP FPCCI, expressed his surprise at the openness and facilitation offered to Pakistani industrialists and investors.
Syed Ahmed Maroof, High Commissioner of Pakistan in Bangladesh, gathered top businessmen, industrialists and the social elite of Bangladesh at a dinner he hosted in honour of the visiting delegation to create a conducive networking opportunity to forge new trade and corporate allowances.
Sheikh Bashiruddin, Commerce Advisor of the Interim Government of Bangladesh, also attended the event and reiterated that the government is willing to give preferential treatment to Pakistani exporters and products.
After the visit, Mr. Atif Ikram Sheikh described the environment as the dawn of a new era of cooperation, economic growth, and prosperity for the two countries.
