KARACHI, April 25: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Polish Chamber of Commerce and Industry (PCCI) have signed a memorandum of understanding (MoU) aimed at increasing bilateral trade from the current level of $120 million to $200 million.

Vice-president FPCCI Zubair Tufail signed the MoU with Polish counterpart in presence of President Pervez Musharraf, Commerce Minister Humayun Akhtar and Polish commerce minister in Warsaw.

Speaking on the occasion Mr Zubair said that a huge potential exists in areas like shipping, tourism, rice, textile etc and it can be explored through interaction between the business communities of the two countries, says a FPCCI press release.

He said that bilateral trade between the two countries has been witnessing steady growth for last five years. The volume of trade has increased from $28m in 2001–02 to $120m in 2005–06.