KARACHI: Atif Ikram Sheikh, President FPCCI, has informed that the apex body has participated in the Developing Eight Chamber of Commerce and Industry (D-8 CCI) General Assembly meeting held in Cairo, Egypt.
It was attended by chamber presidents or their representatives of Turikye, Egypt, Iran, Nigeria, Bangladesh, Indonesia and Pakistan, he added.
Atif Ikram Sheikh apprised that the D-8 CCI meeting was also graced by Eng Hassan El Khatib, Minister for Investment and Foreign Trade of Egypt, Dr Badr Abdelatty, Minister for Foreign Affairs, Emigration and Egyptian Expatriates of Egypt and Ambassador Isiaka Abdulqodir Imam, Secretary General of D-8 Organization for Economic Cooperation also attended the meeting.
Saquib Fayyaz Magoon, SVP FPCCI, highlighted the trade, economic and investment relations of Pakistan with D-8 Countries, connectivity and direct flights between the member countries, need for the creation and implementation of joint exports strategy by the D-8 countries and the potential of halal industry and tourism sector.
He appreciated the decision of trade ministerial meeting for transforming the D-8 PTA into a Comprehensive Economic Partnership Agreement (CEPA).
He added that current volume of trade between the member countries is very low, despite the fact that all countries have signed D-8 PTA that aimed to enhance trade to $500 billion by the year 2030.
While addressing the general assembly, the new President of D-8 CCI from Egypt, Ahmed El Wakil, stated that D-8 countries are significant economic partners that can complement and cooperate in agriculture, food processing, metal industries, components manufacturing, high-tech industries, software development, maritime transport, energy and tourism.
In discussion, the Representatives of D-8 Countries stated that D-8 is largely untapped and have huge potential for increased intra D-8 trade and investments – as diverse economies offer complementary advantages; creating numerous opportunities for lucrative partnerships.
However, the countries also highlighted obstacles such as inadequate infrastructure, visa arrangements, short-comings in connectivity, lack of supply chain, tariff barriers, absence of trade dispute resolution system, weak B2B linkages, market intelligence deficiencies, regulatory misalignments, custom procedures and insufficient market information.
The participants also suggested investment in ocean-based industries and sustainable marine ecosystems can enhance and materialize the trade potential, support mineral and energy resources, create jobs and diversify the economies.
Copyright Business Recorder, 2024
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