ISLAMABAD, May 9: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Economic Chamber of the Czech Republic (ECCR) on Wednesday inked a memorandum of understanding (MoU) on cooperation in trade between the two countries.

FPCCI President Tanvir Ahmad Sheikh and President of ECCR Jaromir Drabek signed the memorandum of understanding on behalf of their respective organisations, which would come into operation with immediate effect.

Under the MoU, the parties shall regularly promote exchange of economic and other information to support the development and future expansion of the trade, economic and technical cooperation between the business subjects in the Czech Republic and in Pakistan.

Both sides shall encourage contacts between their enterprises and promote visits of Czech and Pakistan trade and economic delegations under the mutually beneficial conditions.

Each party will assist the other party in organising the participation of their enterprises on national, international exhibitions and conferences or other events conducted in these countries with the aim of promoting trade and economic cooperation between the two countries.

Both the parties will create conditions for establishing Bilateral Economic Committee (Joint business Council) within two chambers as a higher form of cooperation between the entrepreneurs of both the countries.

Both chambers may hold meetings alternatively in both countries whenever they may deem it necessary to appraise the implementation of this agreement to draw up programmes for further action.