KARACHI: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has signed a Memorandum of Understanding (MoU) with Industria Nacional De Autopartes A.C (INA), Mexico for future coordination and cooperation.

Realizing the need to foster a spirit of better cooperation and coordination between the respective members of the two associations, both associations under the MoU will exchange information and other relevant publications on the technology of mutual interest, the laws, and regulations on the foreign trade and investments besides assisting each other in participating in exhibitions, trade, and technological fairs, seminars, symposia, conferences and other similar events taking place in the respective countries for the expansion of technical and trade ties between their members.

Mashood Ali Khan former PAAPAM chairman, who initiated the link with the help of Shabana Aziz commercial counsellor of Pakistan based in Mexico, said that under the MOU, both associations would share information about their vendors, standards, dynamics of doing business, gaps in the industry, etc. The MOU will also help the host delegations from both industries to facilitate each other at platforms such as Pakistan Auto Show and vice versa in Automechanika Mexico.

"The Mexican auto industry is more advanced than Pakistan's auto industry as it is the sixth-largest global passenger vehicle manufacturer, producing approximately three million vehicles annually hence will be a huge learning for our members.

Now, we need to capitalize on this opportunity and take maximum advantage of upgrading the technology and business of its members and the industry and hoped that more MOUs to be signed in the future with other auto parts associations around the world," he added.

Copyright Business Recorder, 2021