ISLAMABAD, Oct 9: Pakistan signed on Tuesday MoUs for defence and trade cooperation with Bosnia and Herzegovina as the two countries vowed to boost their ties.
The two agreements were signed during the visit of President Bakir Izetbegovic of Bosnia and Herzegovina.
President Zardari and Mr Izetbegovic witnessed the signing ceremony.
Terming the signing of the MOUs a significant step forward, the two leaders hoped they would go a long way in enhancing the bilateral relations. Under the defence cooperation agreement, Pakistan would provide conventional weapons to Bosnia.
The MoU on closer cooperation between the chambers of commerce and industry of the two countries would facilitate greater interaction among businessmen and entrepreneurs of the two countries for exploring new avenues of trade and investment.
The bilateral trade between the two countries currently stands at a dismal $301,000. Much of the trade between the two is routed through some third country making products like surgical instruments, textile products, rice and lumber much more expensive.
Bosnia has skilled infrastructure development companies and a robust wood and metal processing industry.
Pakistani businessmen have long eyed Bosnia as a hub for re-exporting their products to Europe. The two countries already have a free trade agreement and are currently negotiating Preferential Trade Agreement (PTA).
President Zardari, during his talks with the Bosnian leader, hoped that negotiations over PTA would be finalised soon. Mr Zardari and Mr Izetbegovic agreed on opening of bank branches in each other’s countries.