Pakistan, Egypt sign MoU to set up Joint Working Group on Trade

ISLAMABAD: Ministry of Commerce and Egyptian Commercial Service signed a Memorandum of Understanding (MOU) for the establishment of Pakistan-Egypt Joint Working Group (JWG) on trade.

The first meeting of the JWG on Trade was held on the sidelines of the Pakistan-Egypt Trade Conference organised by the Ministry of Commerce and Textile here on Wednesday.

It was the first of a series of such conferences planned with African countries under the ‘Look Africa Policy’ Initiative of Ministry of Commerce.

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 warm, historic and 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.

The Pakistani delegation was headed by Secretary Commerce, Sardar Ahmed Nawaz Sukhera, and the Egyptian side was led by their First Undersecretary, Ahmed Anter.

During the meeting of the JWG on Trade, both sides emphasized the relative importance of Pakistani-Egyptian Trade and Economic relations and on the importance of enhancing the current Trade volume to reflect the untapped trade and economic potential between the two countries.

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.

Both sides 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.

Both sides 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.

The Adviser and Ambassador of Egypt Ahmed Fadel Yacoub witnessed the signing of the minutes of the first meeting of JWG on Trade between Pakistan and Egypt.