Lack of direct shipping and banking services between Pakistan and Myanmar is hindering development of trade and economic relations between the two countries.
This was the consensus of opinion at the meeting of Mynamar Ambassador, U Maung Nyo, with Riaz Ahmed Tata, President, and members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), at Federation House.
The meeting was informed that due to absence of joint banking services, letters of credit for exports from Myanmar to Pakistan are made as exports from Singapore while the exporters of Pakistani products face difficulty in getting remittance of their sale proceeds.
A Pakistani exporter of pharmaceutical products said that Myanmar requires registration of medicines with Myanmar authorities before their export but the fee for registration cannot be sent directly to that country but has to be remitted through banks in USA where they are stuck up which delays registration and export.
There is no direct shipping between the two countries and Myanmar suppliers export their goods on FOB basis and not on C&F basis, which raises the cost of goods. Presently trade between Pakistan and Myanmar is routed through Singapore which increases the time and cost of bilateral trade.
Riaz Ahmed Tata, President of FPCCI, called for the resolution of the problems affecting the bilateral trade which is very meagre despite very good friendly relations between Pakistan and Myanmar.
He called for exchange of trade delegations between the two countries to promote bilateral trade and economic relations.
Arshad Alam, Vice-President FPCCI, called for appointment of honorary consul in Karachi for the issuance of visa to prospective visitors, till the establishment of a full-fledged consulate.
The Myanmar Ambassador agreed to the need for the promotion of trade and economic relations between the two countries and promised to consider the proposals made at the meeting.