The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Algerian Chambers of Commerce and Industry (ACCI) have inked a memorandum of understanding (MoU) to boost trade between the two countries. The MoU also makes a provision for the establishment of a Joint Business Council to promote bilateral investment, trade, and tourism.

The MoU was signed by the Vice President of FPCCI, Shabbir Hassan Mansha and the President of ACCI, in the presence of Algerian Ambassador to Pakistan Brahim Romani and Pakistan’s Ambassador to Algeria Muhammad Tariq at the Federation House in Karachi. During the signing ceremony, deliberations were carried out on how to promote bilateral trade, tourism and cultural ties between the two brotherly Muslim countries.   

The participants of the signing ceremony unanimously stressed government-level dialogues, exchange of delegations, holding trade expos, following-up on previously signed agreements and regular meetings of the Joint Business Council to increase the volume of bilateral trade.

Speaking at the occasion, FPCCI President said that the government’s launch of the ‘Africa Policy’ was a step in the right direction to promote trade with African nations adding that Pakistan had immense opportunities for business and enterprise.    He said that bilateral trade between Pakistan and Algeria currently stood at a meagre USD 17 million, which could be jacked up to at least a billion dollars since Algeria’s imports were USD 37 billion in the last year alone.

He said that a lot of Algerian import demand could be met by Pakistan at competitive rates through the export of cereals, surgical instruments, cotton, apparel and clothing, aluminium and its articles, and essential oils. He continued, “Pakistan can export goods worth USD 6.2 billion to Algeria ranging from cereals, surgical instruments, textiles, vegetables and fruits, pharmaceuticals, copper, footwear, cutlery, aluminium, and furniture to mechanical appliances.”

Vice President of the FPCCI said that the establishment of Joint Business Council would help enhance economic cooperation on trade, developmental projects, exchange of expertise, and tourism. He added that the FPCCI was committed to a mutually productive relationship and would want Algerian chambers and associations to form strong liaisons for proper representation and support trade for the development of both countries.

Credit : Independent News Pakistan-WealthPk