KARACHI: United Business Group (UBG) President Zubair Tufail, other members including Khalid Tawab, Hanif Gohar, Syed Mazhar Ali Nasir, Malik Khuda Bakhsh, Momin Ali Malik and Eng Daroo Khan Achakzai have welcomed the signing of two agreements between Pakistan and Malaysia, paving the way for enhanced economic cooperation.

The agreements include a Memorandum of Understanding (MoU) between the Trade Development Authority of Pakistan and Malaysia’s External Trade Development Corporation, as well as a cooperation pact in Halal trade between the two countries’ business councils.

These developments have bolstered confidence among business communities of both the countries, setting the stage for expanded bilateral trade and economic relations.

The leaders also applauded the Malaysian announcement to establish a trade office in Karachi next month, which will foster tourism, agriculture, education, and technology exchange. Malaysia’s decision to increase meat and Basmati rice imports from Pakistan by 100,000 tons is a significant breakthrough.

Furthermore, Malaysia’s interest in enhancing flight connectivity with Pakistan and Pakistan’s potential to meet Malaysia’s demand for artificial intelligence professionals are promising developments. As Malaysia is a semiconductor industry hub, exploring collaborative opportunities in this sector is essential.

The UBG leaders emphasized that the successful implementation of the Pakistan Malaysia Preferential Trade Agreement (PTA) is crucial for fully realizing the potential of these agreements.

They urged trade bodies across Pakistan to capitalize these incentives, announced during the Malaysian Prime Minister’s recent visit, and to work together to remove any barriers to trade, ensuring the PTA’s provisions are utilized in letter and spirit.

Copyright Business Recorder, 2024