Bangladesh, Pakistan eye $1 billion annual trade

Dhaka, Aug 30 (UNI) Bangladesh and Pakistan today decided to consider certain measures like duty concession to each others export products to raise the annual trade to one billion dollar from the present 300 million dollars.

"Our desire is to raise the two-way trade to one billion dollar. It is a challenge and we need very serious work together and need to come up with innovative ideas to reach the target,'' Pakistan Foreign Secretary Riaz Mohammad Khan told a joint press conference at the end of the Foreign Secretary level meeting.

Bangladesh Foreign Secretary-in Charge Touhid Hossain led the home delegation in the talks which is being held after two years.

Mr Khan said they have agreed on a early harvest programme giving duty-free access to some products from each country to boost the volume of trade.

He said successful early harvesting programme would be a first step towards conclusion of a Free Trade Agreement (FTA) between the two countries.

''We discussed removing impediments in the way of expanding our trade,'' Mr Khan said, adding that the next Joint Economic Commission (JEC) will be held early next year in Islamabad to look into the issues of banking, shipping and pre-shipment inspections in the bilateral trade.

Khan said the Joint Working Group (JWG) of the Commerce Ministry of the two countries had a good meeting in Islamabad in July this year and had discussed on the ways remove the bottlenecks and raise the volume of trade.

During the talks, he said, the two sides identified areas of joint ventures in IT, textiles, leather goods, agro-industry and light engineering.

However, he stressed the importance on greater economic interactions particularly at the private sector and business chambers of the two countries to increase the growth in trade and economic sectors.

Mr Hossain said, although, the volume of bilateral trade remains low, it still continues to grow. He said that the two sides wants to expand it, adding that next JEC meeting will make specific recommendations in this regard.

He said Pakistan and other countries of the region has already offered to sign FTA with Bangladesh. The Commerce Ministry is examining all the proposals but it may take some time to make a final decision.

On Bangladesh's indication to import rice from Pakistan, Mr Khan said it would be possible to sell coarse rice to meet the Bangladesh's need as Islamabad exports 1.5 million tons of coarse rice annually.

The modality of importing Pakistani rice would be decided at the concerned ministry level.

A joint statement issued at the end of the talks said Pakistan's previously announced 10,000 metric tons of wheat would reach Bangladesh next month.

On the recent conclusion of a MoU in the field of civil aviation, the two sides hoped for its early implementation to bring the people of the two countires closer.

The two sides agreed to explore the potential areas of cooperation including higher education and scientific research and to increase cooperation in the fields of sports and culture.

On the critical issue of repatriation of about 2,50,000 stranded Pakistanis languishing in refugee camps here, Mr Khan said the Pakistan government would look into the matter from ''humanitarian'' side.

On SAARC, the two Foreign Secretaries expressed satisfaction at the level of cooperation to implement various decisions taken by the regional body.

The two sides reiterated thier commitment to realise the objectives of the OIC charter and to promote the cause of Islamic ummah.

They exchange views on West Asia situation and expressed hope that to ensure peace and stability in the region, all concerned would continue the process of dialogue and engagement.

UNI