BD-Pak trade falls short of potential: Experts

The bilateral trade between Bangladesh and Pakistan remains much lower than its potential, speakers have observed.

Further cooperation and exploring business opportunities between the two nations could help boost the two-way trade, they suggested.

The observation came from the inaugural session of a daylong 'Pakistan-Bangladesh Business Forum' held at a hotel in Dhaka on Monday.

Commerce Adviser Sheikh Bashir Uddin and Pakistan High Commissioner to Bangladesh Syed Ahmed Maroof spoke on the occasion.

Mr Bashir said both the countries have common issues like poverty and inequality, which need to be addressed properly for economic growth.

Referring to the recently formed joint business council, the adviser said it would work towards boosting bilateral trade and identifying tariff and non-tariff barriers.

"And I assure you that we will work very closely to overcome those things."

Mr Bashir also said that bilateral trade remains far below what would be expected given the size of both populations and economies.

"This has much bigger potential. Whatever trade that we do is so small," he said, expressing the hope that the forum could help the businesses explore new opportunities.

Pakistani apparel, sports accessories and agricultural-related companies joined the daylong event.

Pakistan High Commissioner Syed Ahmed Maroof said Pakistan and Bangladesh share deep-rooted historical, religious and cultural affinities.

"We are committed to a journey of mutual economic progress and shared prosperity."

Highlighting the business communities representing both the countries, he said their entrepreneurial skill, innovation and risk-taking drives growth, creates jobs and bridges gaps between the two nations.

The bilateral trade has remained below $1 billion for quite a long time, the Pakistan high commissioner said, adding that there has been a growth of around 27 per cent year on year for the period from July to March.

"China-Pakistan Economic Corridor (CPEC) offers massive opportunities for the production of goods in which we have comparative advantage and their seamless delivery to the profitable markets."

Pakistan is a market of more than 240 million, which could become a lucrative destination for various Bangladeshi products, Maroof said, adding that Bangladesh, on the other hand, has emerged as a global success story.

"Its remarkable achievements in ready-made garments, pharmaceuticals, information and communication technology are exemplary."

After the inauguration of the event, they visited stalls and talked to the business representatives who put their merchandise on display on the hotel premises.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) signed a memorandum of understanding (MoU).

Export Promotion Bureau Vice-Chairman and BGMEA Administrator Md Anwar Hossain and PRGMEA Vice-Chairman Amir Reaz Chhottani signed the MoU on behalf of their respective sides.

BKMEA President Mohammad Hatem was also present on the occasion.

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