Canadian High Commissioner to Pakistan Greg Giokas said that Canada had good bilateral trade relations with Pakistan and there was a great potential to extend co-operation in different sectors. He urged Pakistani exporters to take advantage of the tariff cut Canada has very recently implemented as it was a big opportunity that should be tapped.
Canadian High Commissioner Greg Giokas was speaking at the meeting of executive committee of Multan Chamber of Commerce and Industry (MCCI) here on Wednesday. MCCI President Muhammad Khan Saddozai, Executive Committee Members Nauman Khan Ex-Senior Vice President, Chaudhry Saim Zulfikar, Mian Tanvir'A Sheikh also spoke on the occasion. The High Commissioner said Canada was desirous of increasing its bilateral trade and investment in Pakistan to boost the economy, adding there were a number of sectors where huge potential for co-operation existed.
He said livestock and agriculture were the two areas in which co-operation could lead to a win-win situation for the two countries, adding that education and economic development were key components for Pakistani competitiveness in a globalise economy. Canada welcomed the improvement of economic and political relations between Pakistan and India which were critical to regional security and the economic future of Pakistan, he added.
Canada, he said, pursued a broad range of interests in the context of bilateral relations with Pakistan including trade and investment, development co-operation, people-to-people links, regional security and defence, governance and human rights. He said international investment was an essential corporate strategy for many Canadian companies competing in today's global economy. By investing abroad, companies can gain access to overseas markets, reduce input costs, secure access to key resources, acquire new technologies and provide better support to foreign customers. On the other hand, the risks of investing in a foreign country can be high. Such risks include political instability, weak legal institutions, uncertain regulatory regimes and the possibility of expropriation.
For this reason, the Canadian government pursues a policy of negotiating Foreign Investment Promotion and Protection Agreements (FIPAs) to provide a more transparent and predictable climate for Canadian investors abroad. He explained that Foreign Investment Promotion and Protection Agreement (FIPA) was a bilateral agreement aimed at protecting and promoting foreign investment through legally-binding rights and obligations. FIPAs accomplish their objectives by setting out the respective rights and obligations of the countries that are signatories to the treaty with respect to the treatment of foreign investment. Typically, there are agreed exceptions to the obligations. FIPAs seek to ensure that foreign investors will not be treated worse than similarly situated domestic investors or other foreign investors; they will not have their investments expropriated without prompt and adequate compensation; and, in any case, they will not be subject to treatment lower than the minimum standard established in customary international law. As well, in most circumstances, investors should be free to invest capital and repatriate their investments and returns.
The Canadian Trade Commissioner Service (TCS) in Pakistan will provide your company with on-the-ground intelligence and practical advice on this market to help you make better, more timely and cost-effective decisions. He said "Canada can help you successfully navigate the complexities of the market, whether you're looking to export, establish your company abroad, tackle a market access issue, pursue a joint-venture or strategic alliance, participate in global value chain, seek technology and R&D partnerships." In his welcome address Muhammad Khan Saddozai said Pakistan was exporting good quality rice, carpets, rugs, textile goods, cotton yarn, ready made garments leather products, surgical instruments and sports goods while it was importing canola, peas, pulses, computers, CNG apparatus, and other IT equipments.
He offered to establish a commercial office of Canadian High Commission in Multan as it was hub of Southern Punjab and gateway to Central Asian states (CAS). Later Shamim Ahmed Khan former president of MCCI presented a sign of Multan Chamber to the guest. The guest also saw a mini exhibition of locally prepared goods.