01 May 2004	Saturday	10 Rabi-ul-Awwal 1425

KARACHI, April 30: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) have agreed to activate Pakistan- Bangladesh Joint Business Council.

In this regard, President FPCCI, Riaz Ahmed Tata and President FBCCI, Abdul Awal Mintoo on April 30 signed an agreement for renewal of Memorandum of Understanding (MoU) on setting up of the council.

Both the presidents in their first meeting of the Council held at the Federation House on Friday agreed that the meetings of the joint business council would be held every year, while small group meeting on specific topics would be held quarterly alternately in the two countries, says an FPCCI's press release.

Mintoo, who led a 17-Member trade delegation to Pakistan to attend the fist council meeting said that the meetings of the joint business council had not held since the signing of the MoU in Dhaka on July 30, 2002.

The trade between the two countries, he said, was insignificant, hovering around $100 million. Pakistan exported goods to Bangladesh worth $45.20 million and imported goods worth $26.18 million in 1990-91, while in 2002-2003, these figures increased to $66.79 million and $31.51 million. He expressed the hope that the holding of council would be helpful in creating a situation acceptable to both sides.

FBCCI chief said that during the visit of Pakistan's Commerce Minister in January 2002 the Bangladesh had requested Pakistan to grant duty free access for 21 categories of Bangladesh products so that the trade gap could be reduced.

In response, Pakistan agreed to consider the request and subsequently Pakistan granted duty free treatment for tea upto 10,000 tons per annum and raw jute in August 2002. He requested Pakistan to consider providing free access for 9 categories out of requested 21 categories of products.

He said trade between the two countries occasionally suffered because of irregular shipping service between the two countries. Earlier, FPCCI chief, Riaz Tata urged the FBCCI President to exert influence of his good office on Bangladesh Government to place special emphasis to the promotion of trade relations with Pakistan by eliminating all trade barriers.

He suggested that Bangladesh may utilise Pakistan's vast experience in promoting its services sector of banking, insurance, telecommunication and tourism for which the two countries could establish profitable and preferable joint ventures.

He said that Pakistan anticipated Safta as an instrument to promote regional trade and hoped it would let Pakistan and Bangladesh to have direct access to the vast Indian Market.