DHAKA, July 30: Chambers of Commerce and Industries of Pakistan and Bangladesh on Tuesday signed Memorandum of Understanding (MOU) to promote trade between the two countries.

The signing ceremony took place in the presence of President General Pervez Musharraf and Prime Minister of Bangladesh Begum Khalida Zia.

According to the agreement the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) would set up a Joint Business Council (JBC) in order to provide a forum for more systematic business promotional activities in trade, investment, technology transfer, services and other industrial sectors.

The JBC agreement will provide a regular and recognized platform for discussions on promotion of these activities between businessmen and industrialists of the two countries.

This MoU would also mark the renewal of the Agreement on Economic and Commercial Cooperation, which was signed on July 22, 1992 in Dhaka between the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Federation of Bangladesh chambers of commerce and Industry (FBCCI).—APP