Pakistan and Bangladesh have decided to boost bilateral trade between the two countries to $1.0 billion by 2007. The present value of the bilateral trade is far below to this mark and the trade balance remains tilted towards Pakistan.
"Trade boosting between two brotherly countries; Pakistan and Bangladesh is a matter of encouragement and it reflects commitment of the both countries for enhancing mutual co-operation to achieve the goal," stated Bangladesh daily "The Independent" in its editorial the other day.
Referring to recently held meeting of the Joint Economic Commission (JEC) between Bangladesh and Pakistan the daily said, "it ended its deliberations in a manner that promises to set the trade and economic relations of the two South Asian countries on a more fruitful and productive track".
It added that the JEC meetings in the past used to be held at long intervals and seemed to tinker more at the edges than dealing with substantive issues.
The difference, noted in the latest JEC meeting, was that both sides seemed keen to create a tangible framework to achieve mutually desirable goals, it added.
For this purpose, it said, they agreed on a detailed course of action, a roadmap of sorts and about what should be achieved by a certain target date.
Forming a full time joint working group at the JEC has been a reflection of pragmatism of the two sides to actually work towards the attainment of mutually agreed goals.
The JEC expressed its resolve to significantly increase this trade on a reciprocal basis for both countries, creation of necessary issue capacities to this end and also investments.
More positive outcome has been the agreement at this meeting to set up a joint working group with the clear aim to implement the agreements in phases.
The operation of direct shipping services between Bangladesh and Pakistan would be sought and this is perceived to be a core infrastructure to boost the bilateral trade by facilitating its volume and lowering of the costs of carrying it out.
Strengthening of banking, insurance and other allied services would be also attempted in a planned manner.
The conspicuous aspect of the meeting was the expressed intention of the participants to work together to ultimately creates a win-win situation for both in the bilateral trade.
Neither country would be aspiring to substantially increase its export at the expense of the other. Both would work for reciprocal increases in the bilateral trade or a win-win situation for both.
In other words, one may say, if trade value between the two increases to $1.0 billion by 2007, the value would be ideally sought to be shared in equal proportion by the two countries.
There would be every reason to encourage such an outcome. Both countries are regional neighbours. But both trade very little with each other compared to the potential.
However, both can enormously benefit and increase their business activities by working sincerely in line with the goals that have been set in their JEC meeting.
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