CAIRO (Egypt): Pakistan offered Preferential Trade Agreement (PTA) to Egypt envisaging boosting trade volume to 4 billion dollars against the current 400 million dollars.
Addressing a joint press conference, caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz said that it was the right time for both sides to increase trade and sign PTA, which Pakistan had already with several countries.
“Our focus is on facilitating investment and making markets more accessible, contributing to the broader goals of economic growth and cooperation,” he said.
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Pakistan presented its 100 top companies in 12 sectors for export to MENA countries in Cairo as the minister-led delegation is on “Look Africa Mission” to boost the country’s exports.
The minister said Pakistan was blessed with an abundant array of resources, spanning from mineral reserves to fertile lands and remarkably varied landscape. With a population exceeding 241 million and a GDP of USD 374 billion, Pakistan presents a sizeable consumer market.
Situated strategically at the intersection of South Asia, Central Asia, and West Asia, and in close proximity to Gulf countries, Pakistan holds promise as a regional hub and a significant market for trade and investment.
Dr Ejaz further said that leveraging its substantial workforce and resource base, Pakistan not only produces a wide array of agricultural products but also manufactures a diverse range of industrial goods. In the fiscal year 2022-23, Pakistan’s exports amounted to around USD 30 billion, with textiles leading the way, while non-traditional sectors such as pharmaceuticals and engineering goods demonstrated impressive performance.
More than 110 companies from Pakistan, looking to export to Egypt and MENA region countries, showcased their products at the Egypt International Exhibition Centre, New Cairo, Egypt.
Pakistan’s finest exporting companies displayed their products and innovations and are looking to forge new partnerships and business relationships with companies who can represent their products across Egypt and MENA countries.
Dr Ejaz held discussions with Ahmed Samir, the Minister of Commerce of Egypt and chief guest of the 4th Pakistan-Africa Trade Development Conference (PATDC) and Single Country Exhibition (SCE). The talks focused on fostering collaboration in key sectors, including agriculture, textiles, engineering, and services.
Both parties recognised the mutual benefits that can arise from expanding economic and trade ties between Pakistan and Egypt. The meeting, held in the presence of policymakers and business leaders from various countries, facilitated a convergence of diverse ideas and opinions, creating an enriching environment for meaningful discussions.
This event serves as a crucial platform aimed at fostering economic ties and exploring investment opportunities between Pakistan and Egypt. The discussions underscored the commitment of both nations to deepen economic cooperation and leverage each other’s strengths in key sectors.
Dr Ejaz reiterated Pakistan’s commitment to making Pakistani markets accessible to the MENA region. The focus is on achieving this goal by strengthening economic ties with MENA economies, with discussions centred around the potential for collaboration in agriculture, textiles, engineering, and services.
This commitment aligns seamlessly with the “Look Africa policy”, emphasizing Pakistan’s objective to unlock its economic and trade potential. The focus is on facilitating investments and making markets more accessible, contributing to the broader goals of economic growth and cooperation.
The 4th PATDC and SCE not only serve as a platform for bilateral discussions but also as a catalyst for the exchange of ideas and strategies to enhance economic ties.
The event sets the stage for further collaboration, paving the way for increased cooperation and mutual prosperity.
Copyright Business Recorder, 2024