PESHAWAR, March 23: Traders belonging to Pakistan and Afghanistan on Friday formed a joint trade forum to strengthen bilateral economic ties between the two countries.

A memorandum of understanding (MoU) in this connection was signed between the Sarhad Chamber of Commerce and Industry (SCCI) and the Afghanistan International Chamber of Commerce (AICC).

SCCI president Liaqat Ahmad Khan and AICC chairman Azarakhsh Hafizi signed the agreement on behalf of their chambers.

According to the agreement, the new forum named as Pak-Afghan Chamber of Commerce and Industry (APCCI) would help exchanging information pertaining to government policies, rules and regulations concerning trade, investment and other allied areas.

Similarly, recommending means for removal of irritants to respective governments for better economic cooperation, increasing trade, investment opportunities, organising trade fairs, encouraging people-to-people contact and working for the reduction of non-tariff and tariff barriers between Pakistan and Afghanistan would be some of other activities of the body.

Businessman Forum leader Senator Ilays Ahmad Bilour was nominated as first chairman and Azarakhsh Hafizi of AICC as co-chairman as per the agreement.

Having main secretariat at the SCCI, the APCCI would have an executive committee comprising 12 members each from Pakistan and Afghanistan besides an equally represented general assembly of 48 members.

Addressing the signing ceremony, SCCI president Liaqat Ahmad Khan explained the background of the agreement, adding efforts for setting up a joint platform for the business community of the two sides were under way for the last couple of years.

The main objective, he continued, of the chamber was to further development of bilateral economic relations by providing a regular forum for businessmen of both countries to explore business opportunities in trade, investment and transfer of technology.

It will also act as platform for business and government level interactions in the respective countries, he explained.

He hoped that the formation of a joint body would help brining the business community of the two sides nearer besides providing them an opportunity to learn from the each other’s experiences.

Senator Bilour termed the agreement a landmark achievement and anticipated that it would help overcome the prevailing political tension between the leadership of the two countries through effective economic ties.

Azarakhsh Hafizi said that the people of Afghanistan and Pakistan had similar culture and religion and they maintain tight bonds of brotherhood and friendship.

He said that Afghanistan had immense potential for foreign investment in various sectors and Pakistan, which have skills and capability, could take benefit from it.

He said that the new body would work as a bridge between business communities of both sides and help improve economic and business ties.

Former SCCI president Ghulam Sarwar Mohmand and vice-chairman Haji Obaidullah Sadir Khail said the forum would play an effective role in boosting trade and economic activities on the both sides.