ISLAMABAD, Feb 13: The Islamabad Chamber of Commerce and Industry (ICCI) and its counterpart in Dhaka here on Monday signed a memorandum of understanding to increase interaction between the two organizations.

Dhaka Chamber of Commerce and Industry President M. A. Momen and ICCI chief Abdul Rauf inked the MoU on behalf of their respective organizations. A 35-member delegation of the Federation of Bangladesh Chambers of Commerce and Industry is visiting Pakistan to explore ways for increasing trade between the two countries.

Speaking on the occasion, the ICCI president said Pakistan and Bangladesh were confronting similar problems and the current trade volume was disappointingly low.

He stressed that both countries should take measures to tackle the most serious issue of poverty. A committee comprising traders of both the countries should be formed to present proposals to enhance bilateral trade, he proposed.

Federation of Bangladesh Chamber of Commerce and Industry President Mir Nasir Hussain said regional trade blocs were being established and Safta (South Asian Free Trade Area) on the platform of Saarc was one of them.

He said economies of both the countries were agro-based and they also possessed similar political and economical background.

He expressed the hope that Pak-Bangla chamber of commerce and industry would also be established soon, as both countries had nominated their representatives.

He said Bangladesh was exporting medicines to 66 countries and Pakistan could also import drugs from the country whereas there was also vast potential in other sectors.

President FPCCI Chaudhry Saeed said Pakistan and Bangladesh should organize single-country exhibitions in each other country to introduce their products.

He said the FPCCI was organizing an expo in Karachi and Bangladeshi traders should participate in it.