KARACHI, Sept 13: Pakistan and Algeria have agreed to establish a joint chamber of commerce and industry for the promotion of bilateral trade and strengthening of economic ties.

This understanding was reached during a meeting between FPCCI President Riaz Ahmed Tata and Algerian Ambassador N Labaoui here on Monday, at Federation House. While discussing the matters of promotion of bilateral trade and economic relations both sides expressed their concern over the negligible trade volume between the two countries.

The Algerian envoy said that the trade volume between the two countries was not reflecting the true picture of our cordial relations. He informed that Algeria had opened its doors for the foreign investors and liberalized its policies giving the driving seat of the economy to the private sector.

Algeria had $60bn foreign exchange reserves while Europe was its main export market. The main export items include capital goods, foodstuffs, consumer goods, petroleum, gas. -APP