ISLAMABAD: Pakistan and Egypt on Wednesday agreed to work out measures for capturing untapped economic potential and promoting bilateral trade.
The decision took place at the first meeting of the Pakistan-Egypt Joint Working Group (JWG) on Trade held in the capital. The JWG was established at the sidelines of Pakistan-Egypt trade conference held in Islamabad on Wednesday. On the occasion, the Ministry of Commerce and Egyptian Commercial Service signed a Memorandum of Understanding (MoU) for the establishment of the JWG on trade.
The Pakistan delegation was led by Secretary Commerce Ahmed Sukhera while Egypt was represented by First Undersecretary of Egyptian Commercial Service Ahmed Anter.
The two sides emphasised on the relative importance of Pakistani-Egyptian trade and economic relations as well as enhancing the current trade volume.
According to the minutes of the JWG meeting, it was agreed to enhance trade in key sectors including agricultural products, engineering industries (electrical apparatuses and power appliances), construction and building materials, fertilisers and chemicals, textiles and leather products, medical and surgical instruments and pharmaceuticals was reached.
Both sides agreed to enhance trade promotion efforts by signing an MoU between Trade Development of Pakistan (TDAP) and Egyptian Commercial Service, organisation of Single Country Exhibition in Cairo and Karachi and frequent exchange of delegations and participation in each other’s International trade fairs.
At the sidelines, business to business meetings were arranged between Egyptian and Pakistani businessmen.
Meanwhile, the Ministry of Commerce and Textile organised a Pakistan-Egypt Trade Conference in Islamabad. It was the first of a series of such conferences planned with African countries under the ‘Look Africa Policy Initiative’ of the ministry.
Addressing to the Egyptian delegation, the Adviser to the Prime Minister on Commerce, Razak Dawood expressed the desire to make the trade relations commensurate with the political relations.
The adviser emphasised export potential of Pakistan in sectors including engineering goods, rice, agro-processed products, surgical, pharmaceutical and sports goods. He also highlighted the investment opportunities available in Pakistan especially in engineering sector.
During the conference, Sukhera announced details of the ‘Look Africa Policy Initiative’ of the government and relocation of six commercial sections to Africa in Egypt, Algeria, Senegal, Ethiopia, Tanzania and Sudan.
