Businesses for immediate Bangla-Pak FTA deal
Apex bodies to persuade governments
Star Business Report
Businesses of both Bangladesh and Pakistan yesterday agreed to persuade their governments to go for FTA deal as soon as possible to raise bilateral trade to US$ one billion by 2007.The apex trade bodies of Bangladesh and Pakistan at their first Joint Business Council (JBC) meeting also stressed the need for signing the FTA deal in a bid to reduce the huge trade gap between the two countries. The Federation of Bangladesh Chambers and Commerce and Industry (FBCCI) organised the meeting held at its conference room in Dhaka. The JBC meeting also unanimously agreed to remove tariff and non-tariff barriers for augmenting imports and exports between the two countries. The Federation of Pakistan Chambers and Commerce and Industry (FPCCI) President Chaudhry Muhammad Saeed led the 49-member Pak business delegation. Earlier, Foreign Affairs Adviser Reaz Rahman formally opened the meeting in the morning. After the daylong JBC meet, FBCCI President Mir Nasir Hossain in a press conference officially announced a 15-point charter agreed upon by both the sides. The charter also decided to persuade the governments to encourage private sector entities to come forward in establishing direct shipping link between the two countries for smooth transportation of goods. The meeting underscored the need for expanding the air link as well. The JBC meeting also identified the exportable products of the two countries and potential sectors for investment. Mir Nasir Hossain in the press conference said although Pakistan offers duty-free access of up to 15,000 tonnes of tea and unlimited quantity of raw jute, Bangladesh faces huge trade deficit. He also said the target to raise bilateral trade to $1billion is ambitious but not impossible. Mir Nasir said Bangladesh is currently privatising state-owned jute mills, textile mills and engineering enterprises. So, entrepreneurs of Pakistan can seize the opportunities, he added. Speaking at the press conference, FPCCI President Chaudhry Muhammad Saeed said presently there is no direct shipping link between Pakistan and Bangladesh, which hampers the bilateral trade seriously. He said the private sector shipping company can come forward to establish a direct shipping link. "Pakistan is very keen to invest in Bangladesh and I can say that around 85 investors are now ready to come up with specific investment proposals," he said. Meanwhile, the JBC meeting also formed a committee headed by FBCCI Vice President Dewan Sultan Ahmed for peaceful settlement of trade disputes. The committee has been asked to submit a report within six months evolving a dispute settlement mechanism.
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