Pakistan, Bangladesh to sign MoU soon to form JWG to boost trade ties
Bangladesh and Pakistan will sign a memorandum of understanding (MoU) on August 23 to set up a joint working group (JWG) aimed at strengthening bilateral trade ties, according to Pakistan's commerce minister Jam Kamal Khan.
The JWG will formulate a comprehensive road map to bilateral enhance trade and investment between the two countries, Khan told Bangladesh’s entrepreneurs and businessmen in Chattogram recently.
Addressing an event at the Chattogram Chamber of Commerce and Industry (CCCI), he noted that several Pakistani business delegations have already visited Bangladesh, with more visits planned in the near future to identify prospective areas for trade and investment.
Pakistan has simplified visa procedures for businessmen from Bangladesh and direct flights between the two countries will soon start, he was cited as saying by Bangladesh media outlets.
CCCI administrator Muhammad Anowar Pasha stressed on the need to address the existing trade imbalance, which favours Pakistan. Bangladesh’s annual imports from Pakistan are worth more than $700 million, while Pakistani imports from Bangladesh stand at only $58 million.
Local businessmen and entrepreneurs proposed that Pakistan could import readymade garments and accessories from Bangladesh and invest in the country's education and industrial sectors.
