Bilateral trade with Pakistan to have greater dimensions

20 May '08

1 min read

There is a pressing need to diversify the product range and enhance the present trade volume between Pakistan and Philippines and to achieve this goal, experts have suggested a regular exchange of business delegations.

According to Mr Muhammad Ijaz Abbasi, President of Islamabad Chamber of Commerce and Industry (ICCI), this exchange of delegates will provide an opportunity for businessmen from both the countries to directly interact with each other for triggering trade and investment relations.

Statistics show that the present trade between the two countries is below US $100 millions which definitely does not reflect the real trade potential of either Pakistan or Philippines and thereby calls for a reformation in bilateral relations.

While Pakistan mainly exports cotton yarn and fabrics, among others to Philippines, it mostly imports machinery and its parts from the latter.

Officials of the two countries can work out a strategy to recognize and strengthen areas in which mutual cooperation can lead to accelerated trade and economic activities.

Besides, studies may also be carried out to identify tariff and non-tariff barriers that can be avoided or overcome to have a progressive trade between the two developing economies.

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