The Lahore Chamber of Commerce and Industry on Thursday won the help and support of Ministry of Foreign Affairs (MoFA) over OIC Ambassadors Roundtable to strengthen liaison and boost trade with all the Islamic brotherly countries.
A seven-member delegation led by LCCI President Irfan Qaiser Sheikh held a meeting with the Additional Foreign Secretary Munawar Saeed Bhatti in Foreign Office and handed over the very objectives of the OIC Ambassadors Roundtable and a tentative schedule for the moot. The delegation also presented a set of proposals for the formation Joint Business Council of Pakistan-China-Iran-Turkey and Russia.
The other issues discussed in the meeting include signing of Currency Swap Agreement with OIC countries, early completion of gas pipeline project with Iran, implementation of Preferential Trade and Free Trade Agreements with OIC countries, LCCI participation in Multi and Bilateral Joint Committees and formation of Joint Policy Study Group for preparation of an economy-based foreign policy.
The Additional Foreign Secretary appreciated the LCCI proposals saying that the MOFA would extend maximum co-operation and support for the OIC Ambassadors Roundtable. He said that a complete detail about the FTAs and PTAs with the Islamic countries would also be provided to the LCCI. He said that the Pakistan is all set to host D-8 Heads of States Summit this year that would help strengthen Pakistan's trade ties with these countries. Holding of exhibition of D-8 countries and B2B meetings on the occasion are also on the cards, he said.
The LCCI President told the Foreign Secretary that after the collapse of Soviet Union the world has become hostage to a single power. The international commerce and trade has also been hit by the aftermaths of unipolar world. Every country has redefined their interests based on economic priorities.
The region encompassing China, Iran, Pakistan, Russia and Turkey has emerged as strategically the most import economically. These countries are not only huge markets but also possess a large chunk of natural and human resources. Fortunately, their trade ties are also centuries old and the same is true for cultural ties to a great extent.
Now, due to the recent geopolitical developments in the region with respect to Pakistan, it has become the most critical and important that we should also redefine our alliances to safeguard our national interests. In the present scenario it is the best option available that these five countries join hand for closer economic ties.
He said that a Joint Business Council of these countries will certainly lay the foundation stone for the formation of a new economic or a strategic block. The LCCI is in need of a full co-operation and support from the MOFA. It is proposed to have a joint meeting of Ambassadors of these countries with LCCI under the auspices of MOFA in February /March 2012. After this meeting a meeting of the Presidents of national Chambers of these countries could be held to finalise and sign an agreement.
The LCCI delegation also took up the establishment of Muslim Common Market with the Foreign Secretary saying that while following the model of various blocks in the global market, OIC countries should also be working on creating a Muslim Common Market.
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