Dhaka, Islamabad pledge to deepen economic ties

Bangladesh and Pakistan have pledged to significantly enhance their economic relationship, focusing on boosting trade volume, accelerating cooperation, and reducing barriers.

The vows were made today when the Coordinator for Trade Affairs to the Prime Minister of Pakistan Ihsaan Afzal Khan paid a curtsey call on Commerce Adviser Sheikh Bashir Uddin at his secretariat office in the city, said a press release.

During the discussion, both parties pledged to increase the volume of bilateral trade and investment, accelerate economic cooperation, and lead the commercial relationship to a new dimension.

Sheikh Bashir Uddin emphasized that substantial opportunities exist to expand the currently limited trade basket shared by the two nations.

He stated that achieving this expansion requires ensuring high standards in key areas, including labour productivity, utility proportion, logistic excellence, cost to finance, and market access.

Bashir Uddin noted that such measures would contribute to reducing the trade deficit between the two countries and enhance people-to-people relations.

He, however, stated that the country’s cement sector relies heavily on imported raw materials, particularly limestone and construction-grade stone.

“Bangladesh’s annual requirement for stone is 50 million tons. It is essential to increase engagement among businessmen from both countries to facilitate these imports,” he added.

Furthermore, he laid emphasis on the creation of more opportunities in the Pakistani market for Bangladeshi exporters.

Responding to the call for enhanced cooperation, Ihsaan Afzal Khan stressed the necessity of addressing and removing limitations on bilateral trade.

Pakistan wants to increase direct communication between businessmen from both countries to achieve a significant increase in trade volume, he added.

Among others, Commerce Secretary Mahbubur Rahman and Additional Secretary (FTA) Ayesha Akter were present on the occasion.