Raza Khan

The Pakistan Western Canada Trade Association (PWCTA) is going to host an expo to provide an opportunity for the business community of both countries to enhance bilateral trade, reports WealthPK. “The expo has been poised to abridge trade gaps and nurture bilateral business relationships between the vendors and buyers from Pakistan and Canada/North America,” the PCWTA said in a statement. “The expo (Expo Vancouver 2023) will be held in Vancouver City of Canada on August 19 and 20, providing an opportunity for the traders from Pakistan to penetrate the Canadian and North American markets,” the PWCTA added. The expo has been curated around the key export potential of Pakistan in Northern America. Representatives from the textile, surgical, mining, IT industry, leather and other sectors will be in attendance.

 Expo Vancouver 2023 will also provide the businesses, brands, and professionals with an opportunity to connect and collaborate with an international community of global manufacturers, suppliers, and service providers. According to the Ministry of Commerce, the volume of bilateral trade recorded $765 million during the Fiscal Year 2021-22. Pakistan’s exports to Canada registered $462 million, while the imports recorded $303 million. According to Malik Sohail Hussain, Secretary General (Pakistan Chapter) of PWCTA, Pakistan’s trade with Canada is far below the actual potential.

 “Pakistan needs to focus on exporting industrial products to Canada other than textiles, Hussain said, adding that agro-products were also in demand there. He said it was difficult for the Pakistani exporters and importers to obtain the Canadian visa and demanded relaxation in the visa regime. The PWCTA’s secretary general said the Pakistan-Canada annual trade should be around $2 billion at the least and even more. “The Ministry of Commerce should facilitate exporters to boost trade with Canada,” he suggested.

Canada is an import-oriented country and the business community of Pakistan has a good opportunity to tap this potential market for trade and exports, Hussain said. “The Pakistani private sector can set up a base in Canada and capture the North American market,” he said, adding that the exchange of business delegations and more communication will be helpful in this regard. According to Azhar Husain, Trade and Investment Consular in Toronto, apparel and clothing, plastics, leather gloves, home textiles, rice, travel goods and iron and steel are Pakistan’s top export commodities to Canada.

Pakistan’s major imports from Canada are dried leguminous vegetables, ferrous waste and scrap, colza seeds, automatic data-processing machines, iron and steel, worn clothing, pharmaceuticals, machinery and mechanical appliances. According to Azhar Hussain, Canada was an import market of $490 billion in 2021 and Pakistan had significant potential to increase its market share in products such as apparel, home textile, articles of leather, medical equipment and agricultural products. According to the Pakistan Business Council (PBC), the country’s top 20 commodities with the highest export potential to Canada are valued at $2.9 billion. Twelve of these belong to the category of textiles and textile articles.

Credit : Independent News Pakistan-WealthPk