ISLAMABAD (WEB NEWS)
The Islamabad Chamber of Commerce and Industry (ICCI) and the Pakistan Western Canada Trade Association (PWCTA) have signed a Memorandum of Understanding to work jointly for promoting bilateral trade and economic relations between Pakistan and Canada. Ahsan Zafar Bakhtawari, President ICCI and Ms. Bushra Rehman President PWCTA signed the MoU during a ceremony held at ICCI.
Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce & Industry said that the bilateral trade between Pakistan and Canada in 2020 was just around US$ 1.11 billion, which is not reflective of the actual potential of both countries. He stressed that ICCI and PWCTA should work together to develop strong business linkages between the private sectors of both countries in order to improve bilateral trade volume. He said that Canada is a developed country and Pakistan can get many economic benefits by enhancing economic cooperation with it. He said that Pakistan offers great opportunities to Canadian companies in education, IT & telecom, cleantech, energy, oil & gas, agri-food, wood sectors and many other fields. He hoped that the MoU between ICCI and PWCTA would contribute to strengthening trade ties between the two countries.
Ms. Bushra Rehman, President, Pakistan Western Canada Trade Association said that her Association is advocating the collective voice of the private sector and offers helpful advice and assistance to the Government in its efforts to promote exports, encourage foreign investment and stimulate economic activities in the country. She said that PWCTA is playing an active role in promoting economic activities and in identifying problems of trade, industry, services, investments, environment that are taken up with the government to safeguard the interests of the private sector. She said that PWCTA would work with ICCI for reduction of transaction costs and simplification of procedures by taking up such issues with their respective governments to facilitate trade promotion. She said that the Pakistani business community including women entrepreneurs should participate in trade fairs and exhibitions in Canada to introduce the export potential of their products including textiles products, surgical instruments, footballs etc. She said that the student visa acceptance rate in Canada is 82 percent and Pakistani students should take advantage of this facility to get quality education in Canadian universities.
Faad Waheed, Senior Vice President ICCI said that Pakistan and Canada have good potential to enhance trade in edible products that would be beneficial for both countries.
By signing the MoU, both parties agreed to extend continuous support to each other and exchange information on general economic status, investment opportunities, trade policies and legislative changes of their respective countries in order to strengthen trade, technological and industrial cooperation between the two countries.
Khalid Iqbal Malik Group Leader, Muhammad Ejaz Abbasi, Malik Sohail Hussain, Rizwana Asif President Islamabad Women Chamber of Commerce & Industry, Sheikh Nadeem, Tariq Khan Jadoon President Rawalpindi Chamber of Small Traders & Industry also spoke at the occasion.