Dhaka Chamber of Commerce and Industry (DCCI) President Taskeen Ahmed has called for simplifying visa issuing process and removing export hudrles to enhance bilateral trades with Pakistan.
At the Bangladesh-Pakistan Business Forum held in Dhaka on Tuesday, Taskeen also proposed signing Preferential Trade Agreements (PTA) and Free Trade Agreements (FTA) with Pakistan to this end.
He told a Pakistani trade delegation led by Atif Ikram Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), that bilateral trade will rise to $3 billion by next two to three years from existing $690 million, if the current sea-borne trade continues.
“Despite having potentials, the bilateral trade and investment face several barriers like visa complexities, tariff-related obstacles, limited direct transport links for goods, and inadequate port facilities,” Taskeen told the business forum.
In reply, FPCCI president Atif Ikram Sheikh, said the bilateral trade between Bangladesh and Pakistan has yet to reach its desired level.
He noted that approximately 55 percent of Pakistan’s exports to Bangladesh come from the textile and apparel sector, while Bangladesh primarily relies on its ready-made garments industry for exports.
This, he stated, highlights the opportunity to introduce new products into the import-export portfolio. Ikram urged Bangladeshi entrepreneurs to consider increasing imports of agricultural products, rice, ceramics, and other goods from Pakistan.
Highlighting Bangladesh’s recent advancements in information technology and mobile financing, he said, “There is significant scope for joint ventures between businesses from both countries, particularly in the IT sector.”
Addressing the event, the Pakistani High Commissioner to Bangladesh, Syed Ahmed Maroof, remarked that the recently initiated maritime transport of goods between the two countries is a positive step.
He expressed confidence that with continued progress in trade and investment initiatives, bilateral trade could reach $3 billion within the next 2-3 years.
FPCCI senior vice-president Saqib Fayaz Magoon underscored the importance of strengthening the activities of trade organisations to improve relationships between private sector representatives of both nations.
Advocating for a FTA, he stated, “The greater the volume of imports and exports between the two countries, the lower the cost of goods will become.”
DCCI senior vice-president Rajib H Chowdhury encouraged Pakistani entrepreneurs in the IT sector to explore investment opportunities in Bangladesh’s high-tech parks, leveraging the innovative potential of the young population in both countries.
Later, a Business-to-Business (B2B) session was held, where representatives from over 100 DCCI member companies engaged with the visiting Pakistani delegation.
