Pakistan’s Ministry of Commerce and Egyptian Commercial Service have signed a Memorandum of Understanding (MOU) for the establishment of Pakistan-Egypt Joint Working Group (JWG) on trade.
The Ministry of Commerce and Textile organized a Pakistan-Egypt Trade Conference in Islamabad. It’s the first of a series of conferences planned with African countries under the ‘Look Africa Policy Initiative’ of the ministry.
A high-level delegation comprising of officials and businessmen from Egypt, led by First Undersecretary of Egyptian Commercial Service, and Ministry of Trade and Industry of Egypt, Ahmed Anter, visited Islamabad to attend the conference.
Talking to the Egyptian delegation, Adviser to the Prime Minister on Commerce, Textile, Industries, and Production and Investment Abdul Razak Dawood appreciated the brotherly relations between the two countries and expressed the desire to make the trade relations commensurate with the political relations.
The adviser emphasized the export potential of Pakistan in sectors like engineering goods, rice, agro-processed products, surgical, pharmaceutical and sports goods. He also highlighted the investment opportunities available in Pakistan, especially in the engineering sector.
During the meeting of the JWG on Trade, both sides emphasized the relative importance of Pakistani-Egyptian trade and economic relations and the importance of enhancing the current trade volume.
Both sides agreed to enhance trade in key sectors including agricultural products, engineering industries (electrical apparatuses and power appliances), construction and building materials, fertilizers and chemicals, textiles and leather products, medical and surgical instruments and pharmaceuticals.
They also agreed to enhance the trade promotional efforts by signing an MoU between Trade Development of Pakistan (TDAP) and Egyptian Commercial Service, organization of a single country exhibition in Cairo/Karachi and frequent exchange of delegations and participation in each other’s international trade fairs.
B2B meetings were arranged between the Egyptian businessmen of pharmaceutical, power, fertilizer, tourism, construction, shipping and bed linen sectors with Pakistani businessmen of the same sectors.
Egyptian head of delegation invited the Pakistani side for a follow-up visit to Cairo and appreciated the opening of a new commercial section in Cairo and emphasized that in order to translate excellent brotherly relations into meaningful economic and trade cooperation, frequent engagements at G2G and B2B levels coupled with trade promotional activities will be ensured.